Politico media firm featured Timothy Wu, a prime tech advisor for the Biden administration just lately. The media retailers 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 most important holding in his monetary portfolio.
In March, US president Joe Biden appointed Tim Wu as a particular assistant for know-how and competitors coverage knowledgeable on the Nationwide Financial Council. Wu used to show as a regulation professor at Columbia College earlier than becoming a member of the White Home. Prior to now, Wu labored in several capacities on the Federal Commerce Fee and the Nationwide Financial Council underneath former president Barrack Obama’s administration.
Though his investments have been revealed, Wu had been a Bitcoin critic prior to now. In 2017, he questioned the value of Bitcoin, calling it a “bubble”. Throughout 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.” Within the article, he described Bitcoin’s potential as working effectively however doubted its usability for on a regular basis funds.
However just lately, Wu modified his thoughts and has change into a outstanding crypto investor. He at the moment owns huge quantities of cryptocurrency investments.
Regardless of being a prime know-how adviser and antitrust knowledgeable on the White Home, Wu will not be concerned in shaping the Biden administration’s cryptocurrency coverage.
Nameless White Home official informed Politico: “Tim is recused from any specific issues involving Bitcoin or cryptocurrency usually due to his monetary curiosity and has not labored on any such issues.”
Other than that, Wu has been a longtime critic of the ability that massive Tech firms 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 “web neutrality”, speaking about the necessity to preserve the web impartial and highlighted the issues of community discrimination practised by broadband operators.
Biden Administration Involved Over Crypto Market
The Biden administration, central bankers, and lawmakers seem like very involved about recent challenges posed by Bitcoin and cryptocurrency as a complete, conferring in a number of conferences amid latest volatility in crypto property.
Final month, White Home officers had been briefed by employees members on the Treasury Division 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’ve additionally held discussions to find out whether or not some protections are required for common retail buyers shopping for crypto property.
The Treasury Division and the White Home have publicly backed a brand new plan to focus on cryptocurrency as a part of a broader effort to deal with tax evasion.
In February, Treasury secretary Janet Yellen warned in regards to the risks that Bitcoin poses to the general public and buyers. Yellen famous that Bitcoin is a extremely speculative asset and frightened about potential losses that buyers can undergo. Moreover that, Yellen cited points associating cryptocurrencies with cash laundering and illicit financing actions.
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