The crypto advocacy group is going on a charm offensive and meeting with top representatives of the Biden administration.
US-based crypto advocacy group, the Blockchain Association, is lobbying key figures in the Biden administration to advocate for more favorable regulations.
The Association’s executive director, Kristin Smith, told Fox Business the group has already met with or is in the process of scheduling meetings with high-ranking Whitehouse officials including Treasury Secretary Janet Yellen, Deputy Secretary nominee and former BlackRock executive Wally Adeyemo, along with representatives of the Treasury Department.
Citing reported comments from Yellen about how the primary utility of cryptocurrency is “illicit financing,” Smith said the association’s key aim was to assist the Treasury chief to “understand the value of crypto networks:”
Our number one priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises.”
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.”
Despite her apparent hostility toward Bitcoin, Yellen has expressed openness to centralized DLT, with the secretary stating a digital dollar could offer “faster, safe, and cheaper payments” than existing fiat currency last month.