Meeting Over Regulations Set Between Key Biden Staff And Blockchain Association

The Blockchain Association stands as a crypto advocacy group based in the US, and has started to take part in the age-old practice of lobbying. In particular, it’s meeting up with various key figures within the Biden administration in order to advocate for more favorable regulations within the crypto space.

Crypto Lobbyists Doing Their Thing

Kristin Smith stands as the executive director of the Association, and gave a statement to Fox Business about the matter. In this statement, Smith highlighted that the Blockchain Association has already met with certain key figures within the Biden Administration, or are otherwise scheduled to meet them in the future.

These high-ranking officials of the White House include names like Wally Adeyemo, the former BlackRock executive, and Deputy Secretary nominee, as well as Janet Yellen, the Treasury Secretary. Alongside this, various representatives of the Treasury Department have been in talks with the Blockchain Association as well.

Trying To Fix Mainstream Crypto Image

The Association’s biggest aim with these talks, according to the public statement, is to have the Treasury Chief gain a greater understanding of the value of crypto. Smith cited a comment Yellen made in the past, declaring that the primary use case for crypto was illicit financing, and Smith states that it’s the Association’s top priority to change this view.

Yellen herself has seen quite a bit of dislike from the general crypto community. Granted, she didn’t really make that a difficult prospect after declaring that was an extremely inefficient means to conduct any type of transaction, declaring that it wasn’t used as a transaction mechanism all that much.

Using Tools Just For Governments

It should be noted that Yellen isn’t against Decentralized Ledger Technology (DLT), just the general decentralized cryptocurrencies. Yellen had repeatedly shown interest in the centralized use case for DLT. In this angle, Yellen declared it would be very beneficial for the Dollar, offering quicker and safer, not to mention cheaper, means of payment as opposed to fiat.

Adam Traidman stands as the CEO of the BRD crypto wallet. In his public statement, he highlighted how the crypto space at large is trying to work with the highest echelons in the Treasury command chain as possible. In a statement, he highlighted that many in the crypto space aren’t even bothered by compliance or regulations. However, he advocated for a less stringent regulation just for now to spur innovation and jumpstart mainstream adoption.