Crypto insiders are hopeful that the change of office in the White House will reflect positively on crypto.
While President Biden has not gone as far as to publicly endorse blockchain or Bitcoin, the people he is now putting in key positions are open-minded enough to seize this opportunity and usher in innovation.
First, there is Janet Yellen, who will preside over the US Department of Treasury, and this means that cryptocurrencies may finally get a break when it comes to dealing with regulators. Yellen has been styled as a Bitcoin denier, but this doesn't necessarily mean she would try to stifle innovation like some former key people did.
However, Yellen has made no public statement as to how she plans on treating cryptocurrencies. Early indications suggest that she's committed to improving the financial system – in her own words – which probably means making full good use of the power of the blockchain.
Meanwhile, Gary Gensler is taking over the US Securities and Exchange Commission, which means that lawsuits such as the one that Ripple now faces are going to be less frequent, or if not so, then at least companies will have clear-cut rules for what the right way to handle these assets is.
There will also be changes in the Office of the Comptroller of the Currency which, together with the former posts and changes, should give the new administration, as well as companies in the crypto space, a little more understanding.