The new American President Biden is all set to shift his work in the White house. And with this change in the American government, people are expecting financial instability as well. They are expecting some good news for the Crypto market from Biden’s to-do lists.start trading with crypto trader! If you looking forward to the decision that Biden will make for the Crypto market.
Things To Consider
Before we head towards the main topic, let’s know about the things that will be considered by the new American President Biden. Here are they
- There are three departments that are going to get their new leaders next year. These departments are CFTC, SEC, and lastly OCC.
- A number of rules are going to be considered by the FinCEN or Financial Crimes Enforcement Network in order to take Crypto transactions under closer inspections.
- Under an acting head, several interpretative letters have been issued by the OCC in the past year.
- In order to boost financial inclusion along with real-time payment services, Congress will look for ways to implement it. There are two goals that the Crypto world is trying to achieve for a long time. This is to target them.
What The Crypto Community Can Expect From The New American President
The new American President is not against Cryptocurrency. Rather he is ready to use the advantages of Cryptocurrencies in developing a more stable economic situation. When the former president tweeted against Crypto trading, it was a shock for those who trade with Cryptocurrencies or Bitcoins. But the Crypto world is expecting something different from the new Biden Government.
- Those who keep themselves updated with the regular Crypto news may know that the IRS or the International Revenue Service has already declared that Bitcoins will be treated as property. It will follow the taxation rules just like other properties have to follow.
- But from the new American President Biden, Crypto lovers can expect a positive step towards the legalization of Bitcoins and other Cryptocurrencies. This will be a massive decision for both the Crypto world and the world economy.
- Due to the Covid 19 pandemic, the GDP or economy of the United States has fallen. In addition to that, the stimulus package has worked as a catalyst to this situation. Due to the relief fund of the stimulus package, the overall economy has got affected.
- We know pretty well that with the legalization of Bitcoin, the government will get more tax from the Bitcoin or Cryptocurrency holders. This will boost economic health.
- With the legalization, more investors or traders will put their money in the Crypto market or Bitcoins. This means more taxpayers from the Crypto world. This will definitely boost economic growth.
- It is also being said that some of the financial departments are going to be led by those people who have faith in the concept of Cryptocurrency. Those people have always supported Cryptocurrency and trust the potential of Bitcoin to develop a stable financial situation.
- In order to regulate the inflation rate, Cryptocurrencies can really play a massive role. And the new Biden government surely implemented this advantage to fight against inflation and develop a stable market.
- It is being expected that the New American Biden Government will bring some clear regulatory framework for the Crypto market. This will surely attract more investors and will enhance the demand for Cryptocurrency as well as Bitcoin.
- There is a talk circulating that Biden has a plan to appoint Michael Barr as the head of the OCC or Office of the Comptroller of the Currency. For those who do not know who Michael Barr is, the former advisory board member of Ripple.
Though all the pointers are redirecting us to a positive conclusion for the Crypto world, it can not be surely said. Still, all these pointers are not official, and experts are expecting these things to happen.