Adam Cochran, managing partner of the CEHV fund, said that there could be a reshuffle in the top positions in the financial sector in the United States due to dissatisfaction with the policy towards cryptocurrencies. About this he wrote on his twitter, citing a DC source.
President Joe Biden’s team wants to purge some cabinet posts to ease regulatory pressure on the economy ahead of the next election, Cochran said. Among the possible candidates for dismissal, he named Treasury Secretary Janet Yellen, Securities and Exchange Commission (SEC) Chairman Gary Gensler and Senator Elizabeth Warren, who advocate tight regulation of the cryptocurrency market.
Cochran noted that even those Democratic Party backers who agree with these politicians’ stance on cryptocurrencies are “embarrassed” by their approach. In his opinion, they went too far, even from the point of view of their supporters. He also suggested that the chairman of the Federal Reserve System (FRS) Jerome Powell could also fall under the distribution.
Adam Cochran is an American investor, founder of The DAO fund (failed in 2016), and now a managing partner of the CEHV fund, which invests in various projects related to blockchain, decentralization and cryptocurrencies. He is also a partner in venture capital firm Cinneamhain Ventures. Cochran is a proponent of cryptocurrencies and blockchain and often speaks out about the regulation of the sector.
The dismissal of Janet Yellen, Gary Gensler and Elizabeth Warren could have significant implications for the cryptocurrency industry as they are key players in the regulation of the sector.
Janet Yellen is the US Secretary of the Treasury, who is responsible for tax policy, budget, debt, and currency. She also chairs the Financial Stability Board (FSOC), which coordinates federal regulators’ efforts to mitigate systemic risk. Yellen has advocated for the need to regulate cryptocurrencies and expressed her concerns about their potential use for money laundering, terrorist financing and tax evasion. She also called for cooperation with other countries on this issue.
Gary Gensler is chairman of the Securities and Exchange Commission (SEC), which oversees the securities market, including cryptocurrencies if they qualify as securities. Gensler has a background in fintech and has taught courses on blockchain and cryptocurrencies at MIT. He acknowledged that cryptocurrencies have the potential for innovation, but also emphasized the need to protect investors and prevent fraud. He also stated that many cryptocurrencies can be classified as securities and fall under the jurisdiction of the SEC.
Elizabeth Warren is a Senator from Massachusetts and a member of the Banking, Housing, and Urban Affairs Committee. She is known for her criticism of big banks and for consumer protection. Warren has spoken out against cryptocurrencies and called for their strict regulation. She argued that cryptocurrencies do not provide any benefits to consumers, but only pose risks to financial stability, the environment, and national security. She also required the SEC and other agencies to take steps to protect investors from manipulation and fraud in the crypto market.
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