Janet Yellen Now it is said that crypto has the potential to improve the financial system. Treasury candidate Janet Yellen now believes that in addition to the potential abuse, it is important that the US consider the benefits of cryptocurrencies.
The finance minister’s candidate said that while cryptocurrencies can be used to finance terrorism and other illegal activities, they also have the potential to do so “Improving the efficiency of the financial system” according to a written answer to the Senate Finance Committee.
“I think we need to look carefully at how we can encourage their use for legitimate activities while restricting their use for malicious and illegal activities.” She wrote. “If this is confirmed, I intend to work closely with the Federal Reserve Board and other federal banking and securities regulators to implement an effective legal framework for this and other fintech innovations.”
Her most recent answer seems to have deviated slightly from her original verbal answer to a question about the possible use of crypto in terrorist financing that Sen. Maggie Hassan (D-N.H.). At the time, Yellen named crypto a problem and said she believed many are in use “Mainly for illegal funding.”