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March 26, 2022

U.S. Treasury Secretary Reiterates ‘Skepticism’ of Digital Assets but Acknowledges the Crypto Space Has Benefits

By Daily Hodl Staff

U.S. Secretary of the Treasury Janet Yellen still feels a bit skeptical about crypto, but she acknowledges that the digital asset space offers value.

In a new interview with CNBC, Yellen says that crypto has grown by “leaps and bounds” and is now playing a significant role in many Americans’ investment choices.

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“I have a little bit of skepticism because I think there are valid concerns around it. Some have to do with financial stability, consumer/investor protection, use for illicit transactions and other things.

On the other hand, there have been benefits from crypto, and we recognize that innovation in the payments system can be a healthy thing. We would like to come out eventually with recommendations that will create a regulatory environment in which healthy innovation can thrive.”

In previous public comments, Yellen has highlighted the potential negative aspects of digital assets. Speaking at a confirmation hearing with the U.S. Senate Finance Committee in early 2021, she said cryptocurrencies were “a particular concern.”

“I think many are used, at least in a transaction sense, mainly for illicit financing, and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels.”

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