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Crypto regulation: Roubini says Biden will tighten the noose in crypto

2 min read

  • Roubini expects Yellen to enforce stricter crypto regulation laws
  • Crypto adoption remains on the rise despite growing regulations guarding the industry 

Dr. Nouriel Roubini is of the opinion that the new US administration was going to enforce more stringent Crypto regulations than the outgoing Trump’s administration.

In a twitter debate on the 24th of December, Roubini had called the crypto sector a cesspool while also alluding that the industry was also used for tax evasion purposes.

In the tweet, Roubini had called Jake Chervinsky “delusional”. Jake was studying the effect of the new reports that emerged that the US legislators were making requests that stablecoins implements stricter Anti-Money Laundering and Know-Your-Customer (AML/KYC) identification processes.

According to Jake, there was little to no opportunity of the proposition becoming an enforced law in the country. He further went on to add that the proposition was only a personal view of the Treasury’s Secretary, Steven Mnuchin, who is going to be replaced by Janet Yellen.

Roubini in response believes that the Treasury’s new Secretary was going to continue from where Mnuchin stops. He says the new crypto regulations would be much more than it was under Mnuchin’s administration.

Roubini is well renowned for his dislike for the crypto industry.

Crypto adoption Grows Despite Crypto Regulations 

When news emerged that the United States Securities and Exchange Commission (SEC) was going to file a lawsuit against Ripples, many crypto skeptics had hailed the news as a necessary detractor for the industry.

However, despite the amount of growing crypto regulations, the industry has witnessed a growing adoption rate in the mainstream. This is majorly buoyed by the growing price of Bitcoin which recently broke its all time high.

Crypto regulations have been commonplace in this year with the US authorities drawing up an enormous amount of laws to keep the industry in check. 

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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