President-elect Joe Biden’s victory speech in full


Biden’s victory in the US presidential election will make life difficult for DeFi

  • Biden’s Victory In The Upcoming US Election Is A Good Signal For A Crypto ETF

  • The representative of the Democratic Party has not yet spoken out against the development of the cryptocurrency market

  • Biden’s administration is likely to take a decision to tighten regulation of the DeFi market

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Democratic Representative Joe Biden’s Victory In Upcoming US Elections Will Complicate The Development Of The Market For Decentralized Finance

If Democrat Joe Biden wins in the upcoming US elections, the market for decentralized finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More regulators. This is the conclusion reached by experts of the South Korean cryptocurrency exchange Bithumb.

In a new digest, representatives of the exchange argue that Biden’s victory will have a more favorable impact on the entire cryptocurrency market than if Donald Trump was re-elected for a second term. Nevertheless, it is the Biden administration that can establish tight control over the DeFi market, which has grown rapidly in the absence of restrictions..

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Despite the fact that Trump did not oversee the aggressive regulation of cryptocurrencies, he managed to publicly speak out against supporting the digital asset market. Biden, on the other hand, very rarely directly touched on the topic of bitcoin or cryptocurrencies. Nevertheless, it is Biden who is known as a supporter of fintech innovation policy. It is possible that his beliefs will affect the regulation of the digital financial assets industry..

The other side of a democrat

However, Bithumb believes that the victory of a representative of the Democratic Party can play into the hands of accelerated adoption of exchange-traded crypto funds (ETFs)..

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Recall that the US Securities and Exchange Commission (SEC) has already announced that they are working on the possible approval of a crypto ETF, but they refused to name at least the approximate timing of the appearance of the first crypto fund..

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The South Korean stock exchange believes Biden’s victory could lead to new large-scale economic stimulus programs to pull the US out of recession, as it is Biden who favors aggressive stimulus packages than Trump.

“In this case, the ratio of public debt to US GDP will continue to grow,” writes Bithumb.

With further “quantitative easing”, the US dollar could weaken significantly, giving strength to cryptocurrencies as a new source of saving savings.

However, for now, Bithumb itself has something to do..

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Previously BeInCrypto editors reported, that Seoul law enforcement called the chairman of cryptocurrency exchange Bithumb for questioning on suspicion of large-scale fraud.

As a reminder, the 2020 U.S. presidential election is scheduled for November 3, 2020.

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Find out how elections can affect Bitcoin in a special material from BeInCrypto.

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