The cryptocurrency industry is seemingly elated after the newly sworn-in US president Joe Biden has taken several pro-crypto steps on the first day at the office.
Now, Janet Yellen, the Treasury Secretary nominee, has noted that cryptocurrencies can benefit the US and its Allies like other technological developments.
Janet Allen Discusses Her Stance on Bitcoin and Digital Assets
US Treasury Secretary nominee Janet Yellen released a written testimony on Thursday this week talking about the benefits of cryptocurrencies and digital assets. She stated that the cryptocurrencies like Bitcoin could improve the overall efficiency of the financial systems. Bitcoin and other cryptocurrencies are offering global financial transactions. She said that it is important to consider the various aspects of cryptocurrencies, including the apparent use in money laundering, finance terrorisms, and funding anti-American activities that threatened national security.
Yellen said that it is imperative to closely monitor the use of cryptocurrencies and chalk out a way through which the system can encourage the use of cryptocurrency for ‘legitimate activities’ and stop the use for the illegal or maligning activities that pose a hazard to national security. She also said that if confirmed, she would be willing to work with the Federal Reserve Board and other authorities to develop a regulatory framework for digital assets and cryptocurrency.
It is worth noting that there has been quite a furor in the US cryptocurrency community regarding the clarity of cryptocurrency regulations. Most recently, the Lawsuit filed against Ripple Inc for selling XRP as unregistered security in the country has grabbed many eyeballs. Ripple Labs has openly called out for the lack of transparency and clarity in the country for the regulation of digital assets. While Janet Yellen discussed the potential benefits and revolutionary role of Bitcoin and digital assets in transforming the global financial system, she also highlighted the potential threat and underlying illicit usage.
Just a week ago, Janet Allen had showcased her concerns over the use of digital assets for illegal activities. The crypto supporters did not receive her comments well and criticized her for her views. However, her fresh stance regarding the potential of Bitcoin offers some respite for sure.
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