Janet Yellen Changes Tone on Cryptocurrency Assets

Cornelia Mascio
Gennaio 24, 2021

However, that excitement was doused a little bit on January 19, 2021, when President Biden's Treasury Secretary nominee, Janet Yellen said during her Senate confirmation hearing that cryptocurrencies are a major concern when it comes to the fight against terrorist financing and money laundering. Her 90-second tribute to the first woman to hold the vital cabinet position debuted on air Thursday after President Biden himself suggested that Yellen was deserving of her own "Hamilton"-style musical". During the hearing, Yilin gave some Formulations Regarding cryptocurrencies, it has been severely criticized as being inaccurate.

Janet Yellen received a unanimous vote from the U.S. Senate Finance Committee on Friday as the next U.S. Treasury secretary. "Do you think more needs to be done to ensure that there are adequate safeguards and regulations in place for digital and cryptocurrencies?"

Yellen responded, saying "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".

"I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities".

Scheduling and procedural disagreements between Senate Democratic and Republican leaders over impeachment proceedings against former President Donald Trump could further delay Senate votes for Yellen and other Biden nominees.

Cryptocurrencies mainly used for illegal financing – Yellen
U.S. Treasury Secretary nominee says the use of crypto in illegal activities is a particular concern.

During her Senate confirmation on Tuesday, she said the USA needs to take "big action" on the COVID-19 crisis.

Yellen's concerns for cryptocurrencies are valid in this context, as cryptocurrency theft continues to dampen the speed at which global adoption could be attained for digital assets. Under her leadership, the central bank made its first attempt at normalizing monetary policy - an initiative that was later curtailed under Jerome Powell. He stressed that "we all know that the vast majority of money laundering operations in the world are carried out in fiat currencies, especially in the United States dollar and the euro".

October 2018: "I will just say outright I am not a fan [of Bitcoin], and let me tell you why". Let us know in the comments section below.

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