by Rushali 
On 20 January, the US has got a new President Joe Biden. After the appointed Treasury Secretary Janet Yellen, now we may see more benefits to cryptocurrency than before.
Yellen was in news after her answer Democratic Senator Maggie Hassan’s question about how she would respond to “emerging financial technology” being used to fund criminal organizations and terrorists at the virtual hearing of the U.S. Senate Finance Committee held on Tuesday.
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She said that cryptocurrencies are a “growing concern” in the U.S., said they were used “mainly for illicit financing” for the aforementioned groups, and that the U.S. government needed to examine ways to “curtail” the use of crypto as part of their anti-money laundering efforts.
But her written statement which was published on Senate Finance Committee’s website indicates Yellen’s views on crypto may not be as bearish as those remarks suggested.
Her written statement says that she would not entertain the use of cryptocurrencies for illegitimate work, but she will encourage the use of crypto for legitimate use. She said:
“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.”
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The future Treasury Secretary also said she wanted the United States to be a “leader in the digital asset and financial technology areas.” She added that she would help develop a regulatory framework for cryptocurrency “and other fintech innovations” by working with the Federal Reserve Board.
She was the chair of the Federal Reserve under U.S. President Barack Obama and was quite popular because of her statement when she called bitcoin “anything but useful”. She left the chair in early 2018.
Now, The Senate Finance Committee is expected to vote on Yellen’s nomination tomorrow, and then it will go to the Senate chamber where Democrats hold a majority, if approved then Yellen will be the first female to serve as Treasury Secretary.
