Biden administration softens stance on cryptocurrencies
In what could signify a shift towards more active engagement with cryptocurrency policies under the Biden Administration, Carole House, an expert in cybersecurity who played a pivotal role in advising the president on his crypto-centered executive order in 2022, has been brought back on board.
Between 2021 and 2022, House served on the National Security Council as a director, concentrating on cybersecurity and emerging digital technologies. Her stance on cryptocurrency is notably more supportive than other figures within the Biden administration.
Recently, House voiced her concerns about the administration's sluggish efforts in establishing a definitive regulatory framework for crypto businesses in the U.S.
After her tenure at the White House ended in 2022, House lent her expertise to a range of organizations, both non-profit and for-profit, including the venture capital entity Terranet Ventures interested in crypto, and The Digital Dollar Project, which delves into the prospects of central bank digital currencies (CBDCs).
House has now announced her comeback to the National Security Council in a novel capacity as the Special Advisor for Cybersecurity and Critical Infrastructure Policy, having been one of the architects behind the White House’s 2021 executive order on “Ensuring Responsible Development of Digital Assets.”
This development emerges at a time when the Biden Administration’s cryptocurrency policies are under increased examination, especially with the forthcoming 2024 U.S. presidential election. Despite a bipartisan critique and subsequent presidential veto concerning the SEC’s crypto regulation approach, the administration appears to be softly readjusting its position towards cryptocurrency, evidenced by recent planning of a Bitcoin-centric summit in Washington, scheduled for July.
As the election draws nearer, the topic of crypto has become a focal point of debate, with Republicans, including Donald Trump, emphatically backing the sector as a potential decisive issue for the election.
Amid this political backdrop, the recalibration of the Biden Administration's stance on crypto suggests an evolving narrative that could shape the industry's landscape in the U.S.
