Treasury Secretary Nominee Encourage Utilizing Crypto to Enhance Finance Infrastructure

By Warren Hayes | January 27, 2021

The POTUS Joe Biden’ selected Treasury Secretary Janet Yellen reportedly expressed a positive attitude for crypto, and is supporting the utilization of its benefits to carry out “legitimate activities.”

Specifically, Yellen has reportedly delivered her remarks, in a form of a reply to a question about “emerging financial technology” functioning as a tool to financially support criminal organizations and terrorists, during a virtual hearing of the U.S. Senate Finance Committee. 

Per Yellen, the US authorities have to come up with measures dedicated to “curtailing” crypto involvement, as included in their anti-money laundering attempts. 

However, her written statement that can be viewed publicly on the Senate Finance Committee website reportedly clarified her remarks, where imposing restrictions on letting crypto being falsely utilized for “malign and illegal activities”, and that she aims to boost the crypto utilization rate for “legitimate activities.”

“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.” Yellen additionally shared. 

The future Treasury Secretary further stated that she has a desire for the US to establish itself as a “leader in the digital asset and financial technology areas.”

She also stated that she would contribute her support in designing a regulatory framework for cryptocurrency “and other fintech innovations”, via working with the Federal Reserve Board.

Yellen reportedly took up the role of the chair of the Federal Reserve, serving for POTUS Barack Obama, during which time has been rather silent regarding her stance towards crypto.

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