U.S.-based crypto advancement group, the Blockchain Association, is lobbying key figures in the Biden administration to advocate for more than favorable regulations.

The Clan'southward executive managing director, Kristin Smith, told Fox Business the group has already met with or is in the procedure of scheduling meetings with high-ranking Whitehouse officials including Treasury Secretary Janet Yellen, Deputy Secretary nominee and old BlackRock executive Wally Adeyemo, along with representatives of the Treasury Section.

Citing reported comments from Yellen well-nigh how the principal utility of cryptocurrency is "illicit financing," Smith said the clan's key aim was to assist the Treasury chief to "understand the value of crypto networks:"

Our number 1 priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises."

Yellen has been criticized by the crypto sector for describing Bitcoin as "an extremely inefficient style of conduction transactions," and speculating that BTC is not "widely used as a transaction mechanism."

Despite her apparent hostility toward Bitcoin, Yellen has expressed openness to centralized DLT, with the secretary stating a digital dollar could offer "faster, safe, and cheaper payments" than existing fiat currency last calendar month.

Adam Traidman, CEO of crypto wallet BRD, indicated representatives of the crypto sector are "trying to work every bit loftier upwards the Treasury food chain as we can," adding:

"We're non opposed to regulation and compliance, but nosotros need fourth dimension to spur innovation and grease the skids for adoption of crypto first."

Traidman emphasized concerns regarding regulations for wallets and crypto-to-crypto transactions, stating: "I of our primary goals is to carve out crypto to crypto transactions from most regulations. If crypto transfers have to run across wire transfer rules, that will impairment the industry."

Some in the crypto community take also expressed concern regarding Joe Biden's nominee for chairman of the Securities and Exchange Commission, Gary Gensler — who has previously described Ethereum'due south 2014 ICO equally an unregistered securities offering.

Earlier this week, Gensler told the Senate Banking Commission the SEC will work to ensure the crypto markets "are free of fraud and manipulation," accusing off-shore exchanges of having been "rife with fraud."

The Blockchain Association's members include crypto heavyweights Circle, Binance.US, Grayscale, and Kraken.