The United States President, Donald Trump’s newly appointed White House Chief of Staff Mick Mulvaney is a pro-Bitcoin activist, who believes in the token for its ability to avoid government interference and blames the Federal Reserve for the devaluation of the dollar.
In 2016, Mother Jones covered a speech by Mulvaney, in which he vocalised his support for Bitcoin as it can “not manipulable by any government.” He also ripped the Federal Reserve because it has “devalued the dollar” and “choke(d) off economic growth.” Matt O’Brien, a Washington Post columnist posted a tweet on the occasion of his appointment that referred to the aforementioned article.
Trump’s OMB pick is anti-Fed and pro-Bitcoin https://t.co/jlwxVGyMzE pic.twitter.com/rbuYmmIcSt
— Matt O'Brien (@ObsoleteDogma) December 19, 2016
Bitcoin is sure to be benefitted by the support of a high profile official and an influential member of the Trump administration, in its long-term growth. Simply because Mulvaney inclination towards the cryptocurrency ecosystem can influence, albeit to an extent, the mindset of regulators and lawmakers in the U.S.
Majorly having a pro-Bitcoin and crypto officials in the U.S. government could push other government officials to view the ecosystem with a neutral perspective, its positives, its negatives, its use cases.
In September, another one of Trump’s nominee who is also a pro-bitcoin, Elad Roisman, took office in the Securities and Exchange Commission (SEC). Roisman released a statement in June, which read:
“The SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.
It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable.”
Currently, in regards to Bitcoin and even Ethereum, the SEC has clarified that Bitcoin is not considered a security under existing laws, essentially approving the infrastructure surrounding it.
The fact that cryptocurrencies posses as many positives as it poses the risk of money laundering or other such illegitimate activities, the regulators across the world have been quite concerned about how, when and what’s of cryptocurrency related regulations.
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