Category Archives: Director of the Office of Management and Budget

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Trump Aide Mulvaney Says Hands-Off Bitcoin Approach Will Push Market

Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, says a “Goldilocks moment” needs to be found in any regulation of the cryptocurrency ecosystem, reports Coindesk.

John Michael Mulvaney is an American politician of the Republican Party serving in President Donald Trump’s cabinet as Director of the Office of Management and Budget and Acting Director of the Consumer Financial Protection Bureau since 2017. He was a founding member of the blockchain caucus back in 2016 claiming then:

“Blockchain technology has the potential to revolutionize the financial services industry, the US economy, and the delivery of government services.”

Mulvaney, a self-confessed conservative in fiscal matters, has nonetheless expressed concerns about over-regulation in the cryptocurrency industry, claiming that to do so would discourage interest in the burgeoning marketplace:

“We knew at an early point in Bitcoin that as with any developing financial technology we needed to find that sweet spot… if Mt Gox became a regular occurrence it dramatically undermines confidence in the markets and prevents innovation. And if we over-regulate and discourage people from entering the marketplace, that has bad consequences too.”

He made the comments at the Future of Fintech conference hosted by research and analysis firm CB Insights when  he made his sugary reference, saying that a kind of middle path was the right approach to regulating the market; a “Goldilocks” route, arguing that it is also important to consider the protection of investors as well as companies and not weigh them now with unnecessary laws:

“It’s a new and innovative technology, it’s a nonbanking system, it’s whatever. If people still can’t get access to their own money, that’s a problem. So the law’s functioning correctly there.”

President Trump’s personal view regarding digital currencies is fairly obscure, considering he appears to a have a view on everything else. However, apart from Mulvaney’s appointment, some of his other selections to prominent roles in government back in 2016 had cryptocurrency links, such as Milo Yiannopoulos, the technology editor for Breitbart News and a Bitcoin supporter, and Peter Thiel, a vocal Bitcoin advocate and an investor in cryptocurrency startup BitPay, according to Forex News Now.

 

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