There is new administration change that has been made in a department of the US government. This change has been made following the John F. Kennedy leave. A pro-Bitcoin has been picked by the US President to serve at one of the highest ranking government positions. That is Mick Mulvaney, who will be the acting White House chief of staff from 2019.
Mulvaney And Bitcoin
Matt O’Brien, a columnist with the Washington Post, has clear memories of incoming White House Chief of Staff. He explains how Mr. Mulvaney has been very vocal about his support for the crypto. This was captured in one speech that was covered by Mother Jones. In it, Mulvaney praised BTC’s decentralized nature as a consensus currency. The new Donald Trump’s appointee started being vocal about BTC as early as 2016. It is in that year that he stated that Bitcoin cannot be manipulated by any government. According to him, the Federal Reserve had devalued the dollar. He later stressed that exercise of that nature cannot work with a virtual coin like BTC.
Is The Appointment Good For Bitcoin?
Mick Mulvaney is not only a top-rated official but also an influential member of Donald Trump’s administration. That alone is good for the extended growth of an asset class like BTC. Mulvaney has, however, had a neutral stance towards the sector of cryptocurrency. This, to some extent, could affect the mindset of US lawmakers and regulators. However, that can have a serious impact on the growth that has been achieved by various commissions in the country.
There are two main commissions that have implemented various roadmaps in the market. They include the Commodities and Futures Trading Commission – CFTC, and the U.S Securities and Exchange Commission – SEC. The presence of pro-BTC officials in the U.S government has certain advantages. It can encourage other government officials to neutrally evaluate the cryptos.
More Than Evaluating The Cryptos
Apart from evaluating the cryptos in a neutral way, there are still more to it. The officials could also analyze the benefits of the cryptos. The central bank of Finland released a research discussion in 2017. It explained the inefficiency of regulating the protocols of blockchain. The research also summarized that is not and can’t be regulated. This is because its protocol works under very strict rules. These are rules implemented by a community of node operators, developers, and miners. There is another reason why BTC cannot be regulated. The transaction fees it charges is set by the users independently of the efforts of the miners.
The Neutral Evaluation Of The Cryptos
The existence of a top-notch government official who understands the cryptos can’t be underestimated. This could have a long-lasting impact in the crypto market. It can also encourage others to evaluate the asset class under a different perspective. However, there are still many concerns about this new Trump’s appointee. He had earlier described President Trump as a terrible human being. This has triggered so many questions. One prominent one is how long he can stay in that new office.