Janet Yellen Believes Crypto Can Improve the Current Financial System

Vandana  |  Jan 22, 2021

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 published statement on cryptocurrency seems to be quite different from the one that she has given before.

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.

Janet Yellen Seems to Support Crypto in Her Written Statement 

Even though Janet Yellen sounds extremely bearish about cryptocurrency 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:

“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.”

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. 

Hoping to Make US the Leader in Digital Assets

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 quite hopeful of the Biden administration and believes that it will prove beneficial for this sector. 

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