What is the position of the new US Treasury Secretary on cryptocurrencies?

What is the position of the new US Treasury Secretary on cryptocurrencies? - Janet YellenPresident-elect Joe Biden recently presented Janet Yellen's name to serve as Secretary of the Treasury. Yellen's appointment to the cabinet remains pending confirmation from the Senate.

Yellen served as vice president of the Federal Reserve from 2010 to 2014 and subsequently as president between 2014 and 2018. The Keynesian economist will face the task of preventing the collapse of the US economic recovery.

Beyond her domestic responsibilities, her position also gives her some leverage on the cryptocurrency market, so it's fair to look into her position on digital assets.

What decisions will Yellen make on crypto?

Yellen has been both for and against digital assets in her previous remarks. Your views and personal statements on Bitcoin (here quotation in real time) are, for the most part, conflicting.

In July 2015, when she served as chair of the Federal Reserve, Yellen addressed the United States House Financial Services Commission, led by the commission's vice chairman and Bitcoin advocate, Mick Mulvaney. The committee asked Yellen questions focused on Bitcoin's regulation and its growing popularity.

Yellen's response seemed to promote responsible regulation of digital assets. “The costs and benefits of developing new statutes or regulations related to digital currencies should be carefully considered. The new regulation [...] could work to strengthen the soundness of virtual currency systems and increase public confidence in products, as some may refrain from investing or using digital currencies due to perceived legal uncertainty and / or lack of consumer protection, ”he said. "On the other hand, the new regulation should be flexible enough to effectively address the evolving nature of digital currency systems and technology without stifling innovation."

Conflicting statements that make little clarity

However, in 2018 the Democratic candidate claimed that many Bitcoin transactions were associated with crime. Speaking at the Montreal Fintech forum, he explained that Bitcoin was used to facilitate money laundering and finance terrorist activities. Yellen also stated that she is not a "fan" of Bitcoin and consequently of any digital currency. The new Secretary of the Treasury, as it should be after Biden's inauguration in the White House, also said that Bitcoin was not a deposit of wealth or a good payment option.

It's hard to see Yellen as a friend of the crypto space. However, his personal registry, so conflicting, means that the crypto community could still see the birth of real regulation in order not to hinder innovation.

What do you think of this? Are you happy that Yellen is the next US Secretary of the Treasury or did you prefer another appointment for this position? Let us know what you think in the comments below!