25. November 2020

Joe Biden’s nominees know about Bitcoin

There are rumors that two of the potential members of President-elect Joe Biden’s economic team have a deep knowledge of Bitcoin and cryptomontages.

It should be noted, that some documents show what is rumored. That Biden’s nominees might have some understanding of Bitcoin.

Interestingly, Biden hasn’t directly questioned Bitcoin. In fact, in July of this year, he confessed that he doesn’t own any Bitcoin.

I don’t have Bitcoin Machine and I’ll never ask you to send me any.

But if you want to chip in to help make Donald Trump a one-term President, you can do that here: https://t.co/8XtBjuU5fX
– Joe Biden (@JoeBiden) July 16, 2020

U.S. Congressmen get Bitcoin, why?

Indeed, she is named as the top contender for the post of Secretary of the Treasury. She has served as an authority on Blockchain and the crypto-currencies.

Specifically, in her role as a member of the Federal Reserve Board of Governors. Which led a joint effort by the Massachusetts Institute of Technology (MIT), to investigate CBDCs.

The Treasury Department has been run by a white man throughout its 231-year history. Lael Brainard, a leading contender to be President-elect Joe Biden’s Treasury secretary, could be the one to change that. https://t.co/I29nbLjmCR
– The New York Times (@nytimes) November 11, 2020

Precisely, Lael Brainard has made public comments on cryptomonies, the digital currencies of the main banks (CBDC), the Stablecoin, the Smart Contract and the Blockchain.

By the way, in 2019, Brainard spoke about Bitcoin:

„Bitcoin was announced as a new type of digital money that would address payment friction. And it would serve as a unit of account and deposit of value without the need for centralized governance.

Now is the time to invest in Bitcoin?

Gary Gensler

At the same time, The Wall Street Journal reports that Gary Gensler, former chairman of the Commodity Futures Trading Commission (CFTC), could advise Joe Biden on the supervision of Wall Street.

BREAKING: Biden expected to hire bitcoin-friendly, Gary Gensler, to help oversee Wall Street pic.twitter.com/VtioTdAMh6
– Lolli 🍭 (@trylolli) November 7, 2020

It is also true that Gary Gensler wrote a report to Congress on the oversight of new assets in the digital age.

Gensler went on to say that Bitcoin and crypto currencies have „led to healthy debates within the central banking and economic communities. Primarily, about the pros and cons of central banks issuing digital retail central bank (CBDC) currencies.

Specifically, on November 10, Gensler was confirmed to lead the financial policy transition team for U.S. President-elect Joe Biden.
Documents showing understanding of Bitcoin

Below are six documents that provide some details of the understanding of Bitcoin and cryptomontages by Brainard and Gensler.

1- Speech by Lael Brainard on October 7, 2016 entitled „Distributed Ledger Technology“.

Brainard shares how the FED is paying a lot of attention to Bitcoin and Blockchain technology. Recognizing that this may represent the most significant development in payments, clearing and settlement.

2 – October 16, 2019. Digital Currencies, Stablecoin and the Evolving Payments Landscape, by Lael Brainard.

Bitcoin was announced as a new type of digital money that would address frictions in payments. And it would serve as a unit of account and deposit of value.

3- August 13, 2020. Digital Currency Update.

By the way, Brainard mentions how digital currencies, including CBDCs, present opportunities. But, also risks associated with privacy, illicit activity and financial stability.