U.S.-based crypto advocacy group, the Blockchain Association, is lobbying key figures in the Biden administration to advocate for more favorable regulations.<\/p>\n\n\n\n
The Association\u2019s executive director, Kristin Smith, told Fox Business<\/a> 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.<\/p>\n\n\n\n Citing reported comments from Yellen about how the primary utility of cryptocurrency is \u201cillicit financing,\u201d Smith said the association\u2019s key aim was to assist the Treasury chief to \u201cunderstand the value of crypto networks:\u201d<\/p>\n\n\n\n Our number one priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises.\u201d<\/p><\/blockquote>\n\n\n\n Yellen has been criticized by the crypto sector for describing Bitcoin as \u201can extremely inefficient way of conduction transactions,\u201d and speculating that BTC is not \u201cwidely used as a transaction mechanism.\u201d<\/p>\n\n\n\n Despite her apparent hostility toward Bitcoin, Yellen has expressed openness to centralized DLT<\/a>, with the secretary stating a digital dollar could offer \u201cfaster, safe, and cheaper payments\u201d than existing fiat currency last month.<\/p>\n\n\n\n Adam Traidman, CEO of crypto wallet BRD, indicated representatives of the crypto sector are \u201ctrying to work as high up the Treasury food chain as we can,\u201d adding:<\/p>\n\n\n\n \u201cWe\u2019re not opposed to regulation and compliance, but we need time to spur innovation and grease the skids for adoption of crypto first.\u201d<\/p><\/blockquote>\n\n\n\n Traidman emphasized concerns regarding regulations for wallets and crypto-to-crypto transactions, stating: \u201cOne of our main goals is to carve out crypto to crypto transactions from most regulations. If crypto transfers have to meet wire transfer rules, that will harm the industry.\u201d<\/p>\n\n\n\n Some in the crypto community have also expressed concern regarding Joe Biden\u2019s nominee for chairman of the Securities and Exchange Commission, Gary Gensler \u2014 who has previously described Ethereum\u2019s 2014 ICO as an unregistered securities offering.<\/p>\n\n\n\n