The United States Senate confirmed that the former Federal Reserve chairman and a highly popular economist Janet Yellen is the new Secretary to the Treasury.
Janet Allen becomes the first female to hold the position.
Janet Allen Wins Sufficient Votes, Gets Confirmation from Senate
Janet Allen got votes to be confirmed for the role. Nominated by the freshly elected President Joe Biden, Janet would lead the US treasury department succeeding Steve Mnuchin.
The new Treasury Secretary would take care of the Federal Reserve Board and make some significant and crucial country’s financial decisions. The Crypto community is closely watching the developments as Janet Allen takes command of the office. Interestingly Janet Yellen does not have much affinity for Bitcoin and indicated a need for regulation of cryptocurrency in the country.
As she takes on a highly substantial role in the Treasury Department, she would look over decisions that directly impact the cryptocurrency industry. She is entrusted with overseeing crypto-related rules proposed by Steve Mnunchin and would take care of President Joe Biden’s economic solutions for the post-pandemic recovery. Steve Mnuchin has proposed rules which mandate unhosted wallets to report transactions to the agency and share additional information. The US economy has been highly impacted by a year long shutdown and slowdown due to the widespread coronavirus pandemic outbreak.
While Yellen had said that cryptocurrency could be used for financing terrorism during the Senate committee hearing answering a question posed by Senator Maggie Hassen. She said that “We need to make sure that our methods for dealing with these matters, with tech terrorist financing, change along with changing technology. ” Crypto regulations and laws may see a significant turn under Yellen.
However, later in a written remark sent to the Senate, she clarified that cryptocurrency usage should be encouraged if done legitimately. She also opined that digital currencies have the potential to improve the efficiency of the financial systems. The newly-appointed Treasury Secretary would work with the financial regulators and important agencies like SEC, FinCEN, OCC, and CFTC for creating a framework for crypto regulation in the US.
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