Apparently, there is another opinion of the official candidate of the Secretary of the Treasury, Janet Yellen regarding cryptocurrencies.
In a written record of his confirmation hearing, Yellen explained that cryptocurrencies and digital assets have the potential to improve the financial system not only for the benefit of the United States (US), but also allied countries.
When asked about his personal views on the benefits and risks of using cryptocurrencies and other digital assets, Yellen said:
“I think it is very important to consider the benefits of cryptocurrencies and other digital assets, and their potential in improving the financial system.
At the same time, we know these assets are being used in financial violence, money laundering and resources to activities that threaten U.S. security and the integrity of the U.S. and international financial systems.
I think we need to know how to encourage its use for legitimate activities while curbing the use of illegal activities. ”
Yellen also said he will work with the Federal Reserve Board, and federal banking and other securities regulators on how to effectively implement an effective legal framework for this issue and other fintech innovations.
Earlier, Yellen in his speech at Capitol Hill stressed that cryptocurrencies are highly synonymous with criminal activity, and hopes that the use of cryptocurrencies is restricted.
Meanwhile, President Joe Biden on the first day of duty has frozen all Federal legal processes including self-hosted crypto wallet laws.
