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Janet Yellen Agrees to Implement ‘Effective’ Crypto Laws

Janet Yellen Agrees to Implement ‘Effective’ Crypto Laws
  • Janet Yellen expanded on her view of cryptocurrency and Bitcoin in the USA.
  • If confirmed, she will work closely with US financial regulators to provide a better framework in crypto trading in the country.
  • Yellen says crypto offers many benefits but also comes with risks; hence, it needs further security.

Upcoming US Treasury Secretary Janet Yellen recently shared her stance on Bitcoin and cryptocurrency. She spoke of remarks made during her senate hearing last week.

Specifically, Yellen made her stance on crypto clear through a written testimony on Thursday. This follows up on her old comments about crypto being used mainly for illicit deals.

The finance committee listed key benefits and risks that come with trading in crypto. It said that like any other tech innovations, crypto has great potential to benefit the US.

The testimony also says crypto offers a chance for states and non-state actors. Specifically, these are for those looking to skirt the current system and curb American interests. For example, Yellen cited China, which is issuing its digital Yuan.

Furthermore, the committee asked Yellen’s opinion on the pros and cons of crypto with respect to US security. In reply, she said that it is very important to consider the pros that come from using crypto.

However, she does draw light to the fact that crypto has been used for vile intentions. For example, she mentioned laundering money, financing terrorism, and supporting actions that threaten the US’ safety.

Then again, she went on to say that a close look at security laws for crypto is necessary. She hopes this will in turn create a secure space for fintech innovations.

Finally, she said that if confirmed, she will work with the Federal Reserve Board, amongst others, to enforce a more ‘effective’ blueprint. Overall, these will boost legal activities and hinder malign ones.

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