The Next US Treasury Secretary May Make or Break the Crypto-Industry

The change of guard in the White House is imminent after Donald Trump won the US Presidential Elections. As the new president takes up his position, there are plenty of positions in the government that needs to be filled as well.  The US Treasury Department is also in need of a new head and going by the reports, Jamie Dimon may be up for that position.

Reported on one of the leading business news portal, the Chief of JPMorgan is being under consideration.  However, it is not clear whether Dimon feels the same about the position. Another speculation is that the former Goldman Sachs official Steven Mnuchin may also be in the game as another contender.

While there is no way of deciding who will be taking up the position at this moment, one thing is clear; whoever takes up the position will have a lot of say in the country’s monetary system. It also means that the future of digital currency revolution in the country is directly related to the person who will take charge of the office. The Treasury Secretary plays the role of a principal economic advisor to the President and he or she has a crucial role in framing the economic and financial policies of the government.

In the current scenario, the US government agencies are more receptive towards the use of cryptocurrency technology for banking, financial and various other applications, including military and border control operations. However, the cryptocurrencies have failed to receive a similar kind of support. There have been numerous instances where, due to lack of clear regulations, law enforcement agencies have arrested individuals for unlawful transmission and exchange of funds while dealing with Bitcoin.

It is not sure how the next Treasury Secretary with a banking experience will be helpful for the cryptocurrency industry as the banks have always been at loggerheads with cryptocurrencies. There are currently no indications about how supportive either of the candidates is towards the cryptocurrency’s cause. Until we see them in action, the industry will continue monitoring the developments with lots of apprehensions and expectations.

Ref: CNBC | Image: WikiMedia