<span style="font-weight: 400">Janet Yellen, the U.S. President’s pick for Treasury Secretary, seems to be showing the belief in digital assets and especially cryptocurrency. Her recently <a href="https://www.finance.senate.gov/imo/media/doc/Dr%20Janet%20Yellen%20Senate%20Finance%20Committee%20QFRs%2001%2021%202021.pdf" target="_blank" rel="nofollow noopener">published</a> statement on cryptocurrency seems to be quite different from the one that she has given before.</span>

<span style="font-weight: 400">On Tuesday, January 19, 2020, Janet Yellen mentioned that cryptocurrency is a growing concern for the country, ahead of the U.S. Senate Finance Committee. She also said that cryptocurrency was majorly meant for illicit financing and the U.S. needs to find out measures to reduce the use of cryptocurrency across the country.</span>
<h2><b>Janet Yellen Seems to Support Crypto in Her Written Statement </b></h2>
<span style="font-weight: 400">Even though Janet Yellen <a href="https://www.cryptoknowmics.com/news/nouriel-roubini-warns-biden-yellen-soon-to-crack-down-criminal-crypto-cesspools/">sounds extremely bearish about cryptocurrency</a> during the Senate Finance Committee, her recent written statement says quite opposite. Yellen has mentioned that she is looking forward to increasing the use of crypto assets for legitimate activities. She mentioned:</span>

<i><span style="font-weight: 400">“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.”</span></i>

<span style="font-weight: 400">However, she still believes that it is necessary to reduce the use of crypto and other digital assets as much as possible for malign and illegal activities. </span>
<h2><b>Hoping to Make US the Leader in Digital Assets</b></h2>
<span style="font-weight: 400">Janet Yellen has said that she is hoping to make the U.S. a leader in digital assets and other financial technology areas. She also emphasized the need of developing a better regulatory framework and will help the regulators to do that. Even though Yellen has not been confirmed to become the Treasury Secretary yet, it is expected that the Senate Finance Committee will be voting for her only. If everything goes in her favor, she will become the first women Treasury Secretary of the U.S. Moreover, the crypto industry seems to be <a href="https://www.cryptoknowmics.com/news/good-times-for-crypto-under-bidens-administration/">quite hopeful of the Biden administration</a> and believes that it will prove beneficial for this sector. </span>

Janet Yellen Believes Crypto Can Improve the Current Financial System

Janet Yellen, the U.S. President’s pick for Treasury Secretary, seems to be showing the belief in digital assets and especially cryptocurrency.

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

Janet Yellen Believes Crypto Can Improve the Current Financial System

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