Key figures in the Biden administration are called by the Blockchain Association, a U.S.-based crypto advocacy group, for the reasons of lobbying for more favorable regulations.

Kristin Smith, executive director of the Blockchain Association in the blockchain told FOX Business that the group is already in the process of scheduling meetings with high-ranking Whitehouse officials that include Treasury Secretary Janet Yellen, former BlackRock Executive, and Deputy Secretary Nominee Wally Adeyemo, along with other representatives of the Treasury Department. 

Janet Louise Yellen: Treasury Secretary of Biden Administration

According to Janet Yellen, the primary utility of cryptocurrency is “illicit financing.” for which Kristin Smith added that the key aim of the association is to assist the Treasury chief to “understand the value of crypto networks”  

Since, Yellen has been criticized by the crypto sector for describing Bitcoin as “an extremely inefficient way of conduction transactions,” and speculating that BTC is not “widely used as a transaction mechanism.” Kristin said:

“Our number one priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises.”

According to Adam Traidman, CEO of Crypto wallet BRD indicated that the representatives of the crypto sector are trying their best to work the treasury food chain high adding:

“We’re not opposed to regulation and compliance, but we need time to spur innovation and grease the skids for the adoption of crypto first.”

He further emphasized the concerns regarding crypto to crypto transactions and regulation for wallets stating:

“One of our main goals is to carve out crypto to crypto transactions from most regulations. If crypto transfers have to meet wire transfer rules, that will harm the industry.”

Biden Administration’s Gary Gensler’s Stand For Blockchain Association

The Blockchain Association’s members include crypto heavyweights Circle, Binance.US, Grayscale, and Kraken. 

In this week the statement from Gary Gensler, to be a member of Biden Administration and the Security and Exchange Commission clarifies that SEC will work to ensure crypto markets “are free of fraud and manipulation,” accusing off-shore exchanges of having been “rife with fraud.”

The Blockchain Association’s members include crypto heavyweights Circle, Binance.US, Grayscale, and Kraken.