Janet Yellen – Crypto Has Ability to Better the Financial System

Janet Yellen, who was chosen to become the next Treasury Secretary by the US President Joe Biden, may have a much better opinion about the advantages of cryptocurrency than what was indicated by her earlier declaration.

Following an online hearing conducted by the US Senate finance committee Tuesday, Tellen hogged the limeLight for her reply to democratic Senator Magi Hasan her stance on emerging Financial Technology being utilized to fund illegal institutions and terrorists.

Yellen described cryptocurrencies as ‘growing’ worries in the US and stated that they were utilized mainly for illegal funding of the aforesaid antisocial groups and that Washington needs to scrutinize methods to hamper the utilization of cryptocurrency in their efforts to dislodge money laundering.

Nevertheless, the media release related to the virtual hearing, displayed on the Senate Finance Committee webpage, indicates that Yellen’s opinion on cryptocurrency may not be as gloomy as the earlier statement indicated.

Even though the written statement of Yellen reaffirms the necessity to hamper the utilization of cryptocurrency for unlawful activities, she has also indicated her willingness to Foster the utilization of cryptocurrencies for legal activities.

Yellen said:

“I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system.”

The yet-to-be sworn-in Treasury Secretary also stated that she wishes the US to transform into a leader in the cryptocurrency and financial technology domain. She further expressed her willingness to assist in creating a regulatory infrastructure for cryptocurrency and similar financial technology related developments by partnering with the Federal Reserve board.

Yellen, under the former US President Barack Obama, performed the role of chair of the Federal Reserve. She came to be known as cryptocurrency critic after calling Bitcoin “anything but useful” back in October 2018.

Two years back he resigned as the chair of the Federal Reserve. Notably, it was a year after Bitcoin recorded its first major Bull Run that took it to $20,000.

The Senate finance committee is anticipated to decide on Yellen’s nomination through a voting process tomorrow, following which Senate Chamber, where democrats make up the majority, will make the final decision. If Senate Chamber endorses her nomination then Allen will turn out to be the first women to reign as Treasury Secretary.