Last Updated on December 7, 2020 by Ope Quadri
President-elect Joseph R. Biden will use cryptocurrency as an infrastructural change in a way to make America more competitive when he assumes office next year.
Biden is expected to be sworn in as the 46th president of the United States on Jan. 20, 2021 at an outdoor inauguration ceremony. He defeated the incumbent Donald Trump on November 3, 2020, Presidential election.
CEO of Circle Jeremy Allaire expressed this optimism on CNBC’s Squawk Box on Monday, saying the crypto industry will grow under the incoming administration.
He said, “I think that they will ultimately be supportive because this is an infrastructure change as big as the initial commercial internet, and they’re going to be focused on infrastructure changes that make America more competitive.”
Allaire’s interview came barely 48 hours Mr Brian Brooks stated that the outgoing President Donald Trump is planning to roll out positive crypto regulation so that crypto investors will know how to invest.
Moderate politics benefit crypto
Allaire who is one of the leading voices in blockchain and cryptocurrency space believes that moderate politics is needed to benefit crypto.
On Squawk Box today, Allaire referenced, in particular, concerns that the left-wing in the United States had taken a hard line against new financial tools, especially stablecoins.
“You have on the very liberal end of the spectrum a view that somehow this is not good for individuals who have less access to the financial system, when in fact, the opposite is the case, that this technology — in particular stablecoins — hold promise of opening up and widening access to the financial system more deeply than the existing banking system.”
Recall that there was a bill last week targeted at all stablecoins that do not file the same registrations as traditional banks, including Circle’s own USD Coin (USDC), they were outlawed.
Allaire hinted that private companies were already ahead of government involvement in cryptocurrency even as some governments around the world looking at the possibilities of owning their digital currency, he pointed out in a series of tweet on December 6.