What a Biden Presidency Means for FinTech 拜登任总统对金融科技意味着什么
Will decentralized finance & cryptocurrency be boosted under the new US President-elect’s term? Here are the possibilities. 在美国新当选总统任期内，分散的金融和加密货币是否会得到提振？以下是可能性。
While the use of blockchain technology in finance has progressed tremendously in Asia, especially in China and Singapore, the United States is still catching up on global developments in financial technology and cryptocurrency.
One reason is the outdated regulatory framework, which does not prevent FinTech talent from taking their expertise outside of America. There is also a lack of support from outgoing President Donald Trump, who previously tweeted that he is “not a fan of Bitcoin and other cryptocurrencies”.
However, the poor performance of traditional markets, as well as the impact of Covid-19 on America in 2020, has people turning towards the potential of FinTech.
In a speech last month at the 10th Annual Consumer Research Symposium, the Federal Deposit Insurance Corp Chairman Jelena McWilliams said, “Findings from multiple years of the survey suggest that the unbanked rate is likely to rise as the unemployment rate rose from its level prior to the pandemic.”
FinTech Fills Financial Gaps
The basis of FinTech has been about financial inclusion by providing financial services to those who are unable to obtain them from banks.
As 2020 progressed and more jobs were lost, the number of people and businesses in America who require financial services has increased. Bank loans are inaccessible to those who do not have a credit rating, a job, or a bank account.
This situation has allowed FinTech providers to step in.
Lending apps and platforms in the space do not require minimum deposit amounts to open an account, which enables people to easily access financial services.
Small businesses in America who qualify for the Paycheck Protection Program now also have the option to lend from BlueVine, Funding Circle, and Kabbage. These FinTech lenders have been included successfully in the program, alongside traditional banks.
FinTech & Crypto Savvy Democrats
The Democratic Party has also been known to support initiatives for financial inclusion. These include proposals to reestablish postal banking and for public banks, both of which would provide banking services to Americans who have no bank accounts.
While US President-elect Joe Biden has not publicly stated his stance on Bitcoin or cryptocurrencies, or finalised his administration, there are a few Democrat leaders who have been identified as tech and financial savvy.
According to a report by the Wall Street Journal, Biden is considering Commodity Futures Trading Commission former chairman Gary Gensler to advise on financial policy. Gensler is savvy about FinTech and crypto, and has acknowledged blockchain technology as a “change catalyst” for the US financial services policy.
Also pegged to join the Biden administration as a potential Treasury Secretary is former presidential candidate Senator Elizabeth Warren. Warren is an advocate for consumer financial protection, having helped create the Consumer Financial Protection Bureau under the Obama administration.
She has made public comments on how average consumers could potentially be burned if they do not fully understand what financial products they are buying. She said, “The challenge is how to nurture productive aspects of crypto with protecting consumers.”
Another potential Treasury Secretary is current Federal Reserve Governor Lael Brainard, who is highly familiar with blockchain technology and has a deep interest in central bank digital currencies.
On the team of Vice President-elect Kamala Harris is Ryan Montoya, who is her Director of Scheduling and Advance. Montoya is the former Chief Technical Officer of the Sacramento Kings, which is known as the most tech-forward and crypto-friendly team of the NBA. Montoya will be instrumental in arranging for the people she meets during her term.
There is no news yet about whether former Democratic presidential hopeful and member of the Biden campaign team Andrew Yang will be part of the president-elect’s administration.
Yang was labelled the crypto candidate during his campaign, due to his ideas in adopting blockchain technology and cryptocurrency for administrative and financial regulation, and has spoken a few times about Bitcoin.
Should he be included in the Biden administration, Yang could turn the spotlight on establishing sensible regulations for crypto assets.
Potential Growth for the Benefit of End-Users
There are many factors that will determine the impact of Biden’s presidency on FinTech and cryptocurrency. One would be whether Democrats have control of the Senate and the composition of the Supreme Court.
Regardless, FinTech experts believe that the Biden administration could be more welcoming about crypto than the Trump administration. Democrats have historically been more protective of end-users in the areas of finance and technology. Also, several Democrats have spoken about financial inclusion, which is the driving principle behind decentralized finance and cryptocurrency.
Therefore, it is possible that under the 46th US President’s term, America could see huge growth in the country’s FinTech space.
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根据《华尔街日报》的一份报告，拜登正在考虑商品期货交易委员会前主席加里·根斯勒(Gary Gensler)为金融政策提供建议。 根斯勒精通金融科技和加密货币，并承认区块链技术是美国金融服务政策的“变革催化剂”。
前总统候选人伊丽莎白·沃伦（Elizabeth Warren）参议员也被确定加入拜登政府，作为潜在的财政部长。沃伦是消费者金融保护的倡导者，曾在奥巴马政府的帮助下成立了消费者金融保护局（Consumer Financial Protection Bureau）。