Politico media firm featured Timothy Wu, a high tech advisor for the Biden administration just lately. The media shops cited a private monetary disclosure that Wu just lately filed and estimated that he owns between $1 million and $5 million in Bitcoin.
The adviser additionally owns between $100,001 and $250,000 in Filecoin, which offers decentralised crypto storage companies.
Politico disclosed that Wu’s Bitcoin funding is the biggest holding in his monetary portfolio.
In March, US president Joe Biden appointed Tim Wu as a particular assistant for expertise and competitors coverage knowledgeable on the National Economic Council. Wu used to show as a legislation professor at Columbia University earlier than becoming a member of the White House. In the previous, Wu labored in completely different capacities on the Federal Trade Commission and the National Economic Council beneath former president Barrack Obama’s administration.
Although his investments have been revealed, Wu had been a Bitcoin critic in the previous. In 2017, he questioned the value of Bitcoin, calling it a “bubble”. During that point, Wu wrote an article the place he claimed that “Bitcoin isn’t backed by any sovereign, and in contrast to a inventory or a bond, it provides you a declare to nothing apart from Bitcoin itself.” In the article, he described Bitcoin’s potential as working properly however doubted its usability for on a regular basis funds.
But just lately, Wu modified his thoughts and has turn into a distinguished crypto investor. He at the moment owns monumental quantities of cryptocurrency investments.
Despite being a high expertise adviser and antitrust knowledgeable on the White House, Wu isn’t concerned in shaping the Biden administration’s cryptocurrency coverage.
Anonymous White House official advised Politico: “Tim is recused from any explicit issues involving Bitcoin or cryptocurrency usually due to his monetary curiosity and has not labored on any such issues.”
Apart from that, Wu has been a longtime critic of the facility that huge Tech corporations possess. He has written a number of educational papers about communication, info platforms, the web, and some books. In 2002, Wu coined the time period “internet neutrality”, speaking about the necessity to hold the web impartial and highlighted the issues of community discrimination practised by broadband operators.
Biden Administration Concerned Over Crypto Market
The Biden administration, central bankers, and lawmakers look like very involved about recent challenges posed by Bitcoin and cryptocurrency as a complete, conferring in a number of conferences amid current volatility in crypto belongings.
Last month, White House officers have been briefed by workers members on the Treasury Department in regards to the dangers posed by cryptocurrencies.
Administration officers are finding out potential “gaps” in oversight associated to the cryptocurrency market, like whether or not it may be used to facilitate terrorist actions or finance illicit actions. They have additionally held discussions to find out whether or not some protections are required for common retail traders shopping for crypto belongings.
The Treasury Department and the White House have publicly backed a brand new plan to focus on cryptocurrency as a part of a broader effort to handle tax evasion.
In February, Treasury secretary Janet Yellen warned in regards to the risks that Bitcoin poses to the general public and traders. Yellen famous that Bitcoin is a extremely speculative asset and frightened about potential losses that traders can undergo. Besides that, Yellen cited points associating cryptocurrencies with cash laundering and illicit financing actions.
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