As President-elect Donald Trump’s cabinet picks continue to be announced one-by-one, many digital currency enthusiasts have been searching for any signs that might indicate how the new administration will address cryptocurrency and blockchain concerns. The recent selection of Republican Representative Mick Mulvaney to lead the Office of Management and Budget (OMB) has already received applause from many in the Bitcoin community, since Mulvaney is a well-known proponent of the world's most well-known digital currency.
Mulvaney was also one of the co-founders of the Congressional Blockchain Caucus three months ago, which was launched to advance “sound public policy toward cryptocurrencies and other blockchain-based technologies.” He has also been a long-time critic of the Federal Reserve, and has suggested that the Fed has been responsible for devaluing the dollar and stifling real economic growth. He’s also praised distributed ledger technology, noting that:
“Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I’m proud to be involved with this initiative on the ground floor. I encourage Members of Congress to join the caucus and get involved as blockchain technology becomes more widely used across communities and companies.”
The appointment of Mulvaney to serve at OMB could be a very positive thing for crypto technology. The office is responsible for coordinating federal regulations, preparing the President’s budget, and ensuring that executive branch agency policies are aligned with the President’s goals. Given the current trend toward greater regulation of the cryptocurrency industry, Bitcoin advocates should applaud the idea of having Mulvaney serve in such a key position in the Trump administration.