Popular Bitcoin and Crypto analyst MagicPoopCannon is very optimistic that US President Biden’s picks for the US Treasury, SEC and OCC will address the needed legal uncertainty in the United States.
Moreover, such clarity could ultimately benefit Ripple and XRP, who are in the middle of an SEC lawsuit claiming that Ripple has made an unregistered security sale. The analyst’s comments regarding Biden’s elections are as follows:
“While Gary Gensler heads the SEC, Janet Yellen heads the US Treasury, and Ripple former manager Michael Barr is preparing to lead the US OCC, clearly the focus will be on comprehensive crypto regulatory reform in the US and I’m optimistic for Ripple and XRP.”
Earlier this week, the crypto community was shaken by the comments from Janet Yellen, whom Biden chose for Treasury. In a CNBC interview, Yellen expressed concern that digital assets could be used for illegal activities. However, she announced on January 21 that digital assets can also improve the financial system. Gary Gensler is a name who has lectured as a professor in the past period on blockchain and crypto at MIT. Having a knowledge of the crypto and blockchain industry to lead the SEC can pave the way for positive regulations and guidelines on behalf of the industry in the US. Micheal Barr was also on Ripple’s advisory board in 2015. Ripple advisor has become an authoritative name, as well.
Will all these developments become an advantage for the crypto industry, especially Ripple, as expected, we will see together.