Joe Biden's pick for Treasury Secretary says she wants to 'encourage their use for legitimate activities.'
Joe Biden’s pick for U.S. Treasury Secretary, Janet Yellen, sent a shiver down traders’ spines when she suggested during her confirmation hearing that the use of cryptocurrencies should be curtailed — as part of a wider clampdown on money laundering and terrorism financing.
But based on the written statement that she has submitted to the Senate Finance Committee, her stance on digital assets may not be as fatalistic as it first appears.
One question she was asked centered on the advantages that crypto can bring, to which she replied:
“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 went on to add that she wants to “encourage their use for legitimate activities” — and only seeks to curtail “malign and illegal activities. She also vowed that she would work closely with the Federal Reserve to develop an effective regulatory framework if she is confirmed, something that many crypto companies have repeatedly called for in recent years.
Her remarks on Bitcoin were far more conciliatory than what she has said publicly in the past. Back in 2018, she attacked the cryptocurrency’s stability and pointed out how the BTC blockchain is slow in handling payments.
Reports suggest that the Senate Finance Committee is gearing up to vote on Yellen’s appointment today — and if it’s given the green light, the former Fed chair would become the first woman to serve as Treasury Secretary.
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