US Treasury Secretary nominee Janet Yellen is clarifying her view on the role of crypto in the future of finance.
Earlier this week headlines circulated highlighting Yellen’s skepticism about the crypto sector. During her Senate confirmation hearing, Biden’s Treasury Secretary pick vocalized concern over the potential use of cryptocurrencies for nefarious and illicit purposes.
Now, Yellen’s written remarks to Congress are offering a more comprehensive take on her views.
“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.”
Though Yellen does highlight that crypto can be utilized by bad actors, the Treasury Secretary nominee deems it necessary that the administration facilitate legal use of crypto and novel fintech.
“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. At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten U.S. national security interests and the integrity of the U.S. and international financial systems.
I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities. If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations.”
According to Reuters, the U.S. Senate Finance Committee scheduled a meeting to discuss Yellen’s appointment Friday, indicating that she could be confirmed as early as this week.
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