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Crypto regulations: Joe Biden may reverse Trump’s anti-crypto actions

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TL;DR

  • Maxine Waters want Joe Biden to reverse some of Trump’s administration policies on crypto regulations 
  • She calls for a strengthened oversight function

With President Trump a matter of weeks out of the Oval Office, Joe Biden has already begun to receive advice on how he could massively change the face of crypto regulations in the United States.

The chairwoman of the United States House of Representatives Committee on Financial Services, Maxine Waters, sent a letter to the President elect where she advised him to reverse actions of the incumbent. The letter addresses issues bothering on digital assets operation in the country and also other important societal issues that could affect the general population.

According to the chairwoman, she wants the new president to reverse President Trump’s regulations that alter how social protection works. She also advised Biden to look at issues like consumer production, housing stability and the lending practices of financial institutions in the country.

She went on to state that the new president should also attempt to be looking at how he could improve regulations and law that covers the pandemic. 

Waters had previously stated that she was not a fan of the current crypto environment and as such, she is calling on the new administration to reverse decisions she believes would fit how the industry should work.

If her advice is taken, the crypto regulations would affect how the Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau works.

Chairwoman Waters asks the president elect to ensure stability in crypto regulations 

Maxine Waters has told the new president to make sure that there is enough stability in crypto regulations in the country. 

According to her, the Financial Stability Oversight Council (FSOC) should put in extra work towards mergers. The hands off approach of Trump’s administration, she believes, played a role in the growth of a systemic risk she finds in the system.

Regardless of her calls, however, there would be need for an improved oversight in times to come. China’s development of a digital Yuan will drastically affect how the crypto regulations of other countries in the world work.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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