US Treasury Secretary Nominee Yellen: Crypto Can Improve The Financial System

The Treasury Secretary of President Joe Biden, Janet Yellen can see higher advantages than her previous testimonial.

Following a simulated US hearing, Yellen hit headlines for her reaction to Senate Finance Committee on Tuesday, telling Democratic Senator Maggie Hassan if she would respond to the emerging financial technology used in financing organised crime and terrorists. Yellen called cryptocurrency a “crowning concern” in the United States, he said it was used “mainly for illicit financing” for certain organisations, and that the U.S. government wanted to investigate “cutting” the use of cryptography as part of its anti-money laundering.

Her written declaration released today on the website of the Senate Finance Committee nevertheless indicates that the views of Yellen regarding crypto may not be as bearish as those indicated. Although Yellen’s writing reiterates the need to clamp down on “malignant and unlawful activity” use of cryptography, she said that she intended to promote “legitimate” use of digital properties.

Yellen was Secretary of the United States Federal Reserve. President Barack Obama, and after Bitcoin was labelled “anything but useful” in October 2018, she has stayed silent about her views of the crypto region. After the 2017 bull run, which led Bitcoin (BTC) to an all-time height, in early 2018 she resigned her role as Chairman of the Fed.

Tomorrow the Senate Finance Committee will vote on the election of Yellen to the Senate, where the Democrats have overwhelming voting. Yellen would be the first woman to act as Secretary of the Treasury if authorised.

In Monday’s filing, the firm reported that it had acquired an amount of $1.5 billion in Bitcoin, which is kept for its surplus funds, as an investment and as a store of value. The estimated buying price and number of BTCs the business purchased is currently undisclosed. In January 2021 Tesla had revised its investment strategy at an unpredicted stage, which suggested that Tesla could keep between 35.900 BTC and approximately 35.500 BTC which is the average rates, respectively, of $42,000 and $33.000. In light of the price action of Bitcoin in recent weeks, the prediction at BTC 45,500 is possibly closer to the true level.

Furthermore, the future Treasury Secretary wished to make the United States a pioneer for digital assets and financial technology, adding that by partnerships with the Federal Board, it will facilitate the development of a regulatory system for cryptocurrencies and other fintech technologies.

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