Bitcoin Regulation It’s Official: ‘Bitcoin Congressman’ Mulvaney is U.S. Budget Chief

The United States Senate has successfully confirmed U.S. Representative Mick Mulvaney (R – S.C.) to be President Trump’s Budget Director on Thursday after a close and contentious vote.

Mulvaney was confirmed to lead the White House Office of Management and Budget by a vote of 51 to 49, according to the New York Times, narrowly making the cut over a unified front of Democrats.

The Trump administration has already had some close calls, with their new cabinet appointments. Betsy DeVos had the Senate at a 50-50 split vote as the next Secretary of Education, forcing Vice President Mike Pence to make the deciding vote in her favor.

Mulvaney enters the job with a busy agenda because the administration must prepare a budget and address raising the debt limit in the coming weeks. The Trump administration has also promised to roll out a tax plan in short order.

Mulvaney’s views favoring drastic changes to Medicare and raising the eligibility age for Social Security put him at odds with Trump, who campaigned as the candidate who would protect those popular entitlement programs.

Mulvaney has been blamed by Democrats and some Republicans for orchestrating a government shutdown during the Obama era. His stance on spending may also clash with President Trump’s promises of big, new investments in the military and infrastructure.

Mulvaney will run the Office of Management and Budget (OMB). What does the head of the Office of Management and Budget do?

According to whitehouse.gov,

the OMB assists the President in overseeing the preparation of the Federal budget and in supervising its administration in Federal agencies. The OMB also oversees and coordinates the Administration’s procurement, financial management, information, and regulatory policies.

Long Time Advocate of All Things Bitcoin

Before this appointment, Mulvaney spent a lot of time in Washington educating those inside ‘The Beltway’ about Bitcoin and its innovative blockchain technology.

Along with Jared Polis (D-Colo.), they had created a bi-partisan initiative known as the Blockchain Caucus last September to create an ongoing forum for utilizing blockchain technology in national government, finance and law. This will now be led by another Bitcoin advocate, David Schweikert (R-Ariz.)

”Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I am proud to be involved with this initiative,” Mulvaney said in back in September.

Under his leadership, it might be safe to assume that blockchain technology will spread fairly quickly into the U.S. Government, and Bitcoin will find a legal safe haven against major regulations. The U.S. Federal Reserve has contemplated creating their own national digital currency system before, and this cabinet member may also move things in that direction. If that is the best way forward, or just the next way forward, only time will tell.

Will this new budget chief be a boost for Bitcoin? Share your thoughts below!

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