In the United States it seems that the relationship between political power and cryptocurrency is destined not to take off. The umpteenth demonstration of the assumption comes right now, with Maxine Waters, president of the powerful House Financial Services Committee. Which is asking Joe Biden to revoke all guidelines relating to cryptocurrency issued by theOffice of the Comptroller of Currency (OCC). Considering Waters' own track record, especially on the affaire Pound, seems to be yet another act of hostility towards a world, that of digital assets, considered to be a danger.
What is happening in Washington?
Waters' request came in a communication that followed the many criticisms of her Democratic colleagues against the conduct conducted by the OCC during the Covid pandemic. And on the sidelines of the presentation of a law which would require issuers of stablecoins to search for bank cards and obtain regulatory approval in order to issue tokens.
A real broad spectrum strategy. Which, according to observers, would have the purpose of introducing a very stringent protection not only on stablecoins, but on the cryptographic world in general.
What Maxine Waters said
Among the many things stated in the letter sent to the new elected president, who is now on the verge of taking office, Waters in particular criticized the OCC for having issued a provision which allows banks and associations to federal savings to provide cryptocurrency custody services for their clients. A criticism that would seem aimed at undoing what Brian Brooks did as Acting Comptroller of the Currency. Just Brooks was recently nominated by Trump for a five-year term.
Tough times for cryptocurrencies in the US?
Maxine Waters had already made a name for herself in the weeks following the publication of the Pound. When he had asked Facebook to stop, often in threatening tones.
The fact that you are now raising your voice against the OCC seems to confirm a prediction made by more than one analyst in the days leading up to the presidential vote. That is, with the Democrats in the White House, the atmosphere for monetary and financial innovation would have become quite complicated. If there was already some misunderstanding with Trump, now the situation could become much more difficult for digital money.
A favor to China
It should also be emphasized how to enjoy what is happening could be there China. The eastern giant is in fact at a very advanced stage of testing on the digital yuan. Which should make its debut next year, in order to be run in for the Beijing Winter Olympics in 2022.
A situation which has prompted many in the United States to ask the federal government to take action to provide an adequate response to the challenge coming from Beijing.
It seems that with the Democrats, however, this request is destined to fall on deaf ears. In practice, leaving real grasslands to the Chinese CBDC and its anticipated attack on the imperial power of the dollar.
An attack which could prove to be very strong, according to at least a recent report by Goldman Sachs. According to which the digital yuan will be used by a billion people within ten years.