The United States Senate has confirmed Rep. Rick Mulvaney, a South Carolina Republican and a long-time cryptocurrency supporter, as President Trump’s budget director, a positive signal for all cryptocurrencies, cryptocommodities and blockchain products.

Rick Mulvaney, a cryptocurrency advocate being sworn in as President Trump’s Budget Director by VP Pence.

Rick Mulvaney has a reputation as a fiscal hawk and is expected to play a key role in the administration’s plans to make changes in Washington, D.C., according to The New York Times.

Mulvaney has been interested in cryptocurrency since 2014 after participating in a Small Business Committee hearing on digital dollars. He said it would influence monetary policy. He has also accepted bitcoin donations.

Jared Polis

He and Jared Polis, a Colorado Democrat, launched the bipartisan Blockchain Caucus in September.

Other pro-bitcoin enthusiasts in the current administration include Peter Thiel, PayPal co-founder who served on Trump’s transition team, Balaji Srinivasan, 21.co-CEO and potential FDA director nominee, and Travis Kalanick, Uber CEO who joined Trump’s team of advisors.

Peter Thiel

Arizona Republican John McCain joined Democrats in opposing the nomination. McCain, chairman of the Armed Services Committee tried to derail President Trump by presenting a dossier to the FBI with serious allegations that President Trump and his attorney Mr. Cohen had been in Russia where they engaged prostitutes in “golden showers” episodes.

That story was passed around to press offices including SyndicatedNews.NET (SNN.BZ) two years ago whom never used the story and destroyed it once it was examined. Sen. McCain not only accepted the false dossier but he then helped promote it by bringing it to the FBI whom when they examined it thoroughly, found it was fiction created for politically competitive purposes during the presidential campaign.

Balaji Srinivasan

Mulvaney will lead the Office of Management and Budget with a full agenda, since the administration has to prepare a budget and decide whether to raise the debt limit. The administration has also pledged to introduce a tax plan soon.

Mulvaney favors big changes in Medicare and in raising the Social Security eligibility age, a position Trump opposed during the presidential campaign. Mulvaney blamed Democrats and a handful of Republicans for the government shutdown under the Obama Administration.

Where Mulvaney Differs From Trump

Travis Kalanick, UBER Ceo

During the nomination proceedings, Mulvaney defended his plan to support entitlement program cuts that Trump said he would protect.

Speaking before the Senate homeland security and budget committees, he acknowledged that his positions on the national debt and spending are not in sync with Trump’s campaign pledges and statements from some advisers.

Mulvaney also said during the nomination proceedings he will continue speaking out about the rising costs of Medicare and Social Security.

Mulvaney said he favors raising the retirement age for Social Security to 70, but he said he would not cut benefits for current recipients. He said he supports means testing to qualify for Medicare.

Democrats warned that the nomination indicated Trump was changing his stated intention to protect entitlements.

A Fiscal Hawk

Mulvaney has questioned the need to raise the national debt ceiling, saying he believed the government should prioritize payments if there is a danger of breaching the debt limit.

Mulvaney, elected to Congress in 2010, is known as a strident deficit hawk. He was a founding member of the Freedom Caucus and a leader in the group’s attempts to remove then-House Speaker John Boehner in 2015.

He supported the government shutdown over the Affordable Care Act and was willing to do it again two years later in an attempt to defund Planned Parenthood.

Mulvaney backs the “penny plan” to cut 1 percent of federal spending each year for five years.

He is among those lawmakers who have opposed infrastructure spending. Trump’s advisers have not said how the government will pay for a proposed infrastructure package that could reach $1 trillion.

Trump’s plan to cut taxes could reduce federal revenue by trillions over the next decade, independent analysts have said. Mulvaney has said reforming the tax code could create growth when asked if tax cuts should be allowed to add to the deficit.

Before being sworn in as Budget Director, Mulvaney said that President Trump should first consider the impact on the overall economy. Now that he reports to President Trump, it will be more likely that his tone and message will reflect that of President Trump.

Another option is to reduce spending.  Having Peter Thiel’s involvement as Trump’s transition team member and Rick Mulvaney as Trump’s Budget Director will secure the mainstreaming of cryptocurrencies (mostly referred to as bitcoins) as well as cryptocommodities which will list in the commodities exchanges. Blockchain will be used in all areas of industry and finance.

SyndicatedNews.NET LLC (on SNN.BZ) of Titusville, Florida led by John McEuen (CEO) and Ruthie Barrows, (Pres.) and Bankcoin Reserve of Australia led by Gary McAlister (Chairman) began working together in August of 2014. Bankcoin is a banking tool (crypto commodity) created for Banks, Financial Institutions, Monetary funds, Governments, treasuries, Central Banks, insurance companies and/or retail businesses.

Bankcoin Reserve will be offering their fintech products where ever businesses or governments need to bolster their economies.

As the stability of cryptocurrency is proven the world over and as distinct businesses and municipalities within countries are now choosing to add cryptocurrency to their financial tool boxes, cryptocurrencies are being engaged globally.

[Click NYTimes article to proceed to the actual publication]

Janet Yellen

The New York Times reported that President Trump and Janet Yellen of the Federal Reserve are on a collision course.

When President Donald J. Trump was asked if Janet Yellen would remain in her position as Federal Reserve Chairman, the President answered “No, we don’t share the same vision.”

In defiance, Yellen claims she is staying through to fulfill her contract which ends mid next year.

Realistically speaking however, when the President of the United States says “you don’t share his vision,” one should be packing one’s office and preparing for retirement not standing on ceremony with ones hands on one’s hips. The point becomes especially clear when comparing Yellen’s most recent report which reads remarkably similar to the Federal Reserve’s report issued in the 1960’s.

Bankcoin Reserve products are available to clients as requested on a first come first served basis. However, the rush for cryptocurrency on a global basis will not be satisfied with cryptocurrencies suffering from small caps or a lack of patents.

Cryptocurrencies and cryptocommodities with extensively long term caps and their own registered patents are highly sought after.  Those in need of these products would do well to make their claims early and not wait until the end of the rush when the only available products will be the patent-less ones. There are more bitcoins (cryptocurrencies and cryptocommodities) globally that have no patents than there are those with patents. Bankcoin has its own patents.

Continue reading about cryptocurrencies … 

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