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The Blockchain Association is putting preparation in top gear to meet with financial regulators in the President Joe Biden administration, including Treasury Secretary Janet Yellen, to make them understand the importance of bitcoin (BTC) and other cryptocurrencies and the need for amenable regulations, according to a FOXBusiness<\/i> report on March 5, 2021.<\/strong><\/p>\n The Blockchain Association, an industry trade organization that aims to function as the unified voice of the cryptospace, has revealed plans to meet with top regulators in the current administration to make them understand that digital currencies are more than just tools for money laundering and other illicit deals.<\/span><\/p>\n Per <\/span>sources<\/span> close to the development, Kristin Smith, executive director of the Blockchain Association has hinted that the organization has been meeting with key members of the Biden government and it\u2019s on the verge of holding talks with Treasury Secretary Janet Yellen and nominated Deputy Secretary Wally Adeyemo.<\/span><\/p>\n If all goes as planned, the Association, which is made up of heavyweights such as Binance.US, Kraken, and Grayscale, among others,\u00a0 will meet Yellen and her team in the coming weeks.<\/span><\/p>\n It will be recalled that Yellen <\/span>said<\/span> earlier in January 2021, that cryptocurrencies are majorly used for illicit financing and vowed to formulate measures that will curtail their use for money laundering.\u00a0<\/span><\/p>\n Yellen further made her distaste for cryptocurrencies very clear, when she <\/span>stated<\/span> categorically during a recent New York Times<\/em> Dealbook conference that \u201cI don\u2019t think that bitcoin…is widely used as a transaction mechanism. To the extent, it is used I fear it\u2019s often for illicit finance. It\u2019s an extremely inefficient way of conducting transactions, and the amount of energy that\u2019s used to process those transactions is massive.<\/span><\/p>\n Against that backdrop, the Blockchain Association’s Kristin Smith and her team are determined to embark on the herculean task of enlightening Yellen on the burgeoning digital asset class and the important role they play in the financial ecosystem.<\/span><\/p>\nBlockchain Association Meet Regulators\u00a0<\/strong><\/h2>\n
Crypto Not For Criminals<\/strong><\/h2>\n
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