Janet Yellen has made women across the globe proud by securing a position as the Treasury Secretary. The USA had its many firsts this year, from Kamala Harris taking over as the first female Asian American vice president to Yellen being appointed as the first female Treasury Secretary. Just as America was celebrating its win, the crypto-verse was reminded of Yellen’s notion towards Bitcoin and other assets. Therefore this didn’t seem to be a favorable choice for the cryptocurrency industry. –
Janet Yellen’s Dynamic Perception On BTC
Nominated by Joe Biden, Janet secured the role of the secretary for the Treasury Department with a vote of 84 to 15. Yellen garnered the support of an array of people including Senate Minority Leader Mitch McConnell. While Yellen was overseen by the former President, Donald Trump, she had spearheaded the Federal Reserve for about four years from 2014 to 2018.
Yellen has been giving out contradicting statements on cryptocurrencies. While she started off by suggesting that she wasn’t a big fan of Bitcoin and even proposed that the king coin should be curtailed. However, her thoughts on this seemed to have changed in her written testimony. She wrote,
“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.”
While she had previously suggested that cryptocurrencies should be curtailed, she clarified that these assets had to be encouraged “their use for legitimate activities while curtailing their use for malign and illegal activities.”
However, Janet Yellen pointed out that she would join hands with other agencies to roll out innovations pertaining to the fintech industyr. She said,
“[..] 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.”