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How will President Biden’s policies affect Louisiana?

Biden's advisor will become loyal ...

Gary Gensler, loyal to bitcoin, will become Biden’s advisor
CONTENT

  • Biden administration wants to partner with bitcoin enthusiast

  • Bitcoin falls in price immediately after Biden’s victory

  • Joe Biden intends to increase taxes on income of cryptoinvestors

International consortium of news organizations developing transparency standards.

Joe Biden is expected to invite Gary Gensler to serve as Wall Street oversight advisor to the upcoming administration.

Cryptocurrencies can get official status

It is likely that Gary Gensler, who has previously expressed support for the cryptocurrency industry, will become the new advisor to the Biden administration on Wall Street oversight. It should be noted that Gensler has been in politics for several years. Under President Obama, he led the process of reforming the derivatives market under the 2010 Dodd-Frank Act, and oversaw litigation against major investment banks for manipulating the London interbank rate, the benchmark for the global lending market..

Biden's advisor will become loyal ...

Following the election victory of Joe Biden, Gensler may lead a working group that develops banking and market regulation mechanisms, and will also interact with the Federal Reserve System and the Securities and Exchange Commission.

Biden has repeatedly spoken during the campaign that he will “seek to expand access to capital for historically under-engaged communities,” which could lead to the development of faster payment systems and broadening of lending rules in low-income communities..

As for Joe Biden’s personal attitude to cryptocurrencies, he never expressed support or prohibition on the use of bitcoin. Only once said that he does not own digital coins. However, the community hopes that Biden’s rise to power will soften US cryptocurrency policy. After all, Biden himself has repeatedly said that he is ready to support innovation, and what could be more innovative than Bitcoin..

At the same time, former US President Donald Trump had a negative attitude towards bitcoin and considered cryptocurrencies to be nothing more than a “soap bubble”.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity ….

– Donald J. Trump (@realDonaldTrump) July 12, 2019

“Biden effect” or why the price of bitcoin fell

While the position of the new US President Joe Biden regarding digital currencies remains vague, and the crypto community is already putting forward the most incredible assumptions about the future of Bitcoin. Immediately after the announcement of the results of the presidential elections, the price of bitcoin went down sharply. The community has already nicknamed this fall the “Biden effect”.

Note that the newly elected US President has repeatedly stated that he is ready to tax wealthy Americans, including those who receive a fixed income from investing in cryptocurrencies. This statement immediately caused a negative reaction among cryptocurrency holders..

So one Twitter user wrote the following:

“Biden wants to raise capital gains tax significantly! This will affect most fixed income seniors. It also affects everyone who makes a profit from Bitcoin or any investment in general. “.

Biden's advisor will become loyal ...

The same position is shared by a number of other crypto investors and bitcoin hodlers..

If you’re invested in crypto or stocks and you’re voting for Biden, you need to re-evaluate your life decisions. Biden is going to raise Capital gains tax from 23.8% to 43.4% !! #Bitcoin pic.twitter.com/GWhhinCPZz

– $ BOON (@ Crypt0_Gemhunt) October 9, 2020

However, Galaxy Digital CEO and investor Mike Novogratz told CNBC that Biden’s rise to power, on the contrary, will create favorable conditions for crypto investors..

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