The crypto market today focuses on Janet Yellen's nomination as US Treasury Secretary to replace Steven Mnuchin starting next year.
Yellen is the former chairman of the Federal Reserve (Fed) serving during the era of Barack Obama's rule from 2014 to 2018.
What worries the crypto market, especially Bitcoin (BTC), Yellen early on showed his skeptical attitude towards cryptocurrencies.
Around 2018, Yellen explained that he was not a fan of Bitcoin and described transactions using Bitcoin, including most other cryptocurrencies as illegal.
Yellen called Satoshi Nakamoto's assets "speculative assets" but at the same time pointed fingers at the Federal Reserve, accusing the institution of not playing a role in cryptocurrencies.
His stance turned out to be different in 2017, Yellen stressed the importance of blockchain as a new technology that may have implications through transaction management throughout the financial system.
However, that does not mean that the individual agrees with Bitcoin. After his resignation from the Federal Reserve, Yellen chose to keep his mouth shut about cryptocurrencies.
If the Senate agrees to Yellen's candidacy, it is not impossible that there will be a major overhaul as he is able to form a financial drafting approach to crypto.
So far Yellen's stance on crypto is unclear and no official nominations have been made.
