Joe Biden is in the process of taking power from Donald Trump. Janet Yellen is to be the treasury secretary in his government. Previously, she was very critical of Bitcoin. It turns out that she has changed her mind over the years.
Janet Yellen and cryptocurrencies
Yellen recently took part in an e-debate held before the US Senate Finance Committee. In the process, she said a sentence about cryptocurrencies that could freeze Bitcoin supporters. When asked by Senator Maggie Hassan about how he would react to “Emerging financial technology” used to fund criminal organizations and terrorists, she said cryptocurrencies are “Growing problem” in United States. She added that she knew they were being used “To illegal financing” criminals. It stated that the US authorities need to address this issue.
It sounded like a harsh regulation. However, Yellen’s written statement posted on the Senate Finance Committee’s website suggests that she is not as negative about cryptocurrencies as you might think. In her letter, she again stressed the need to limit the use of cryptocurrencies to “Malicious and illegal activities”, but she also added that she wanted to encourage Americans to use digital resources for “Legal activities”.
– I think it is important that we consider the benefits of [istnienia] cryptocurrencies and other digital assets, and the potential they have to improve the performance of the financial system – she said.
Not only that, the future secretary of the treasury does not even hide that he wants the United States to exist “A leader in digital assets and financial technology.” She added that she would willingly participate in the development of the regulatory framework for the cryptocurrency market “And other fintech innovations”.
Bitcoin is nothing useful!
We know that Yellen criticized cryptocurrencies during the last big boom three years ago. That’s when she more or less concluded that Bitcoin was for her “Anything but useful.”
However, a lot has changed since 2017. The Bitcoin market has matured and even investment funds and institutions are investing in it. It is possible that despite her fears, Yellen will quite wisely regulate the cryptocurrency space.
You can read more about the next treasury secretary here.