Jenet Yellen Is Officially The New Treasury Secretary: US Senate Confirms

Jenet Yellen is officially the new Treasury Secretary as the US Senate Confirmed, and she vowed to implement a decent regulatory framework for digital assets despite not being a fan of bitcoin. Let’s read some more in our cryptocurrency news today.

The US Senate confirmed that Joe Biden’s nominee Janet Yellen has been chosen as the new Treasury Secretary with 84-15 vote. Yellen helmed the Federal Reserve from 2014 to 2018 and described herself as not being a fan of Bitcoin, referring to it as a highly speculative asset. More recently, while the confirmation process was ongoing, Yellen expressed her opinion on cryptocurrencies saying that they can benefit the financial system. In the oral testimony before the Senate Finance Committee, she answered a few questions on cryptocurrencies being used to finance terrorism and said that regulators and policymakers will have to examine ways in which they can curtail their use. Her written testimony noted:

 “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.”

Just out: Here's Janet Yellen answering a question about Bitcoin in her written testimony for the record in her nomination hearing. Much more nuanced than what she said in oral testimony. https://t.co/iijuEbUbB1 pic.twitter.com/FHuzEHlovz

— Jerry Brito (@jerrybrito) January 21, 2021

Cryptocurrencies can be used for terrorism and money laundering as she said and continued:

“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.”

What’s even more important is that she vowed to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement a framework for digital assets and other fintech innovations. This has been missing for quite some time now and she thinks that it’s going to happen under her command. Jenet Yellen and Chairman Jerome Powell have been serving together for six years on the central bank but now, she will be in charge of several agencies that deal with crypto like the Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency. The OCC is also getting a new head as the former Brian Brooks stepped down a few months ago.

The FinCEN is there to protect against terrorism funding and money laundering while the latter which operates as an independent bureau, regulates the national banks and credit unions like the first cryptocurrency institution that got national charter-Anchorage.