The White House’s Incoming Chief of Staff Supports Bitcoin

Mick Mulvaney, the Trump administration’s replacement for outgoing Chief of Staff John Kelly, is a Bitcoin proponent who has previously praised the democratic nature of the digital currency.

Mulvaney will join the administration in 2019 and currently serves as the Director of the Office of Management and Budget. Mulvaney has also served in the House of Representatives, and it was during this time that he helped formed the Blockchain Caucus.

The Blockchain Caucus has helped create a space for innovation in the country, though America still lags behind other nations in terms of how welcoming it is of the emerging technology.

Mulvaney said at the time:

Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I am proud to be involved with this initiative.

As reported by Mother Jones, Mulvaney spoke in favor of Bitcoin at the John Birch Society Event, saying that “Bitcoin is not manipulatable by any government.”

Although it has been made public that the Trump administration has talked to the Ripple team, it is unlikely that Mulvaney will be involved in any great degree with cryptocurrency developments.

It is a positive note, however, and perhaps now political figures will gain some further insight into the important of Distributed Ledger Technologies (DLTs).

Regulations in the U.S.

The United States Securities and Exchanges Commission and the Commodity and Futures Trading Commission have offered ambiguous comments on regulations in the space, while SEC Commissioner Hester Peirce, who has spoken favorably of Bitcoin, has said that a Bitcoin ETF may not be fast approaching, despite rumors.

America is still lagging behind as far as crypto regulations are concerned.

Countries such as Estonia, Japan, and Malta are taking a more positive approach to DLTs, while larger nations like the U.S., China, and Russia have been far harsher with their verdicts.

The U.S. has yet to offer a comprehensive indication of how it will treat cryptocurrency, though it has created “FinHub” to engage with crypto businesses.

Several exchanges and prominent entrepreneurs function out of the U.S., and the U.S. is in a prime position to help make significant progress in the space, as many countries will simply follow the America’s lead if it does.

If not, investors and experts have warned that innovation would flock away from the U.S., and the country would miss a massive opportunity to influence blockchain development.