- MagicPoopCannon believes Biden’s picks for the US Treasury, SEC and OCC will present the regulatory readability wanted in the US relating to digital belongings
- Magic is optimistic that each Ripple and XRP will profit from such readability
- US Treasury Nominee, Dr. Janet Yellen, not too long ago clarified her feedback relating to digital belongings
- Dr. Yellen identified that cryptocurrencies can be utilized to enhance the present monetary system
Well-liked Bitcoin and Crypto analyst, MagicPoopCannon, is optimistic that President Biden’s picks for the US Treasury, the SEC and OCC, will present the a lot wanted regulatory clarity in the US. Moreover, such readability will finally profit Ripple and XRP which might be within the midst of an SEC lawsuit claiming that Ripple carried out an unregistered securities providing.
Magic’s precise feedback on President Biden’s picks might be found below.
With Gary Gensler heading the SEC, Janet Yellen heading the US Treasury, and former Ripple govt Michael Barr poised to steer the US OCC, there may be clearly going to be a deal with sweeping crypto regulatory reform within the US, and I’m optimistic for Ripple and XRP.
US Treasury Nominee, Dr. Yellen, Clarifies Her Feedback on Digital Property
Earlier this week, the crypto-verse was shaken by feedback of President Biden’s choose for the Treasury, Dr. Janet Yellen. In a CNBC interview, Dr. Yellen expressed concern that digital belongings could possibly be utilized in illicit actions.
Nevertheless, in a January twenty first assertion, Dr. Yellen clarified that digital belongings might additionally enhance the monetary system. Her precise feedback have been as follows.
I believe it essential we take into account the advantages of cryptocurrencies and different digital belongings, and the potential they’ve to enhance the effectivity of the monetary system.
On the identical time, we all know they can be utilized to finance terrorism, facilitate cash laundering, and help malign actions that threaten U.S. nationwide safety pursuits and the integrity of the U.S. and worldwide monetary methods.
I believe we have to look carefully at methods to encourage their use for reliable actions whereas curbing their use for malign and unlawful actions. If confirmed, I intend to work carefully with the Federal Reserve Board and the opposite federal banking and securities regulators on methods to implement an efficient regulatory framework for these and different fintech improvements.