Pro Bitcoin Enthusiast Elected In White House

Donald Trump has done one good thing for the Crypto community by choosing the pro-Bitcoin enthusiast Mick Mulvaney. Mick Mulvaney will serve as the acting White House Chief of Staff beginning 2019.

Trump took to Twitter to announce the choosing of Mulvaney and sounded pretty enthusiastic about his choice.

Mulvaney replaces old-timer John F. Kelly and is bound to bring in a pro Crypto agenda amongst his peers.  Mulvaney has already proven himself to be the voice of Bitcoin with several noted achievements and speeches.

Back in 2016, Mulvaney criticised the devaluing of the dollar by the Federal Reserve noting that control was not possible in Cryptocurrency. He emphasised the reduction of manipulative practices by the government if Cryptocurrency does enter the economy.

He has even created the Blockchain Caucus, which is a group of House lawmakers dedicated to creating responsible new policies for Cryptocurrency.

There were two resolutions drafted by the Blockchain Caucus. The House Resolution 1108 to increase research in Blockchain technology to show Congress a sensible regulatory approach. The next was House Resolution 7002 which was to amend the E-SIGN Act to confirm the applicability of Blockchain to electronic records, electronic signatures and smart contracts.

However Mulvaney once called President Trump a terrible human being, and so the length of his term as chief of staff is questionable.

Zerocrypted Opinion

Mulvaney may not have as much an impact changing regulations on Cryptocurrency. However, he can help change most of the senior minister’s minds. A change of mindset is what is needed, as most of the senior politicians tend to think Cryptocurrencies are used for money laundering and terrorism funding.

Little do the politicians realise that Cryptocurrencies have a significant impact for long-term sustainable growth given that the supply is limited. Fiat currency, on the other hand, can be printed whenever for the government’s spending thus leading to inflation rising uncontrollably.

2019 is bound to be an interesting year, given that SEC has clarified that Bitcoin is not a security under existing laws.

Image Source – Pixabay


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