US Treasury Secretary candidate J. Yellen sees potential in cryptocurrencies

US Treasury Secretary candidate J. Yellen sees potential in cryptocurrencies

The Finance Committee heard the nominee for Minister of Finance and did not forget about cryptocurrencies.


22 Jan 2021 , 15:41 @ Katie Müller

US Treasury Secretary candidate J. Yellen sees potential in cryptocurrencies

The Finance Committee heard the nominee for Treasury Secretary and did not forget about cryptocurrencies.

Due to the fact that new ministers are being elected in the USA, the Senate and the Finance Committee must thoroughly examine each nominee.

One of them was Janet Yellen, who was nominated by the new president Joe Biden for the position of US Treasury Secretary, and the committee did not forget about the cryptocurrencies during this extensive 114-page hearing.

In a speech, the US Finance Committee first acknowledged the potential benefits of cryptocurrencies for the US and compared them to technological developments. At the same time, however, he emphasized that it is cryptocurrencies that provide an opportunity for various entities that want to bypass the financial system and undermine American interests.

The question was as follows:

Dr. Yellen, what do you view as the potential threats and benefits these innovations and technologies will have on U.S. national security? Do you think more needs to be done to ensure we have appropriate safeguards and regulations for digital and cryptocurrencies in place?

Answer:

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. At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten U.S. national security interests and the integrity of the U.S. and international financial systems.

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. If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations.

It is clear from this answer that J. Yellen is not indifferent to cryptocurrencies and is interested in creating an effective regulatory framework. So, if J. Yellen were elected as US treasury secretary, it could mean that, as a country, US would no longer be considered one of the worst places for crypto and fintech companies.

Recall only the recent outrage of CEO Coinbase, who publicly called on people to fight new crypto regulations from the U.S. Department of Treasury.

Read also: Asia can be rightly called a Crypto Landscape

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