U.S. Treasury-nominee Janet Yellen noted that while cryptocurrency risks being used as a tool for crime, it is important to think about the benefits of cryptocurrency.
In his response to the Senate Financial Services Commission, Yellen explained that cryptocurrencies are likely to be exploited for illegal activities such as terrorist funds, but at the same time they have the potential to “improve the efficiency of the financial system.”
“While carefully examining ways to encourage the legal use of cryptocurrency, I think we should come up with measures to curb the abuse of cryptocurrency or the use of it for illegal activities.
If approved (as Minister), we will work with federal banks and securities regulators, including the Federal Reserve Board (Fed), to formulate an effective regulatory framework for the field of fintech innovation such as cryptocurrency.”
Bloomberg first reported on Yellen’s response. This comment is somewhat different from the previous oral response by Nominee Yellen to the hearing.
When Senator Maggie Hassan (Democratic, New Hampshire) at the time asked about the possibility that cryptocurrencies could be exploited as terrorist funds, Yellen said he was concerned about cryptocurrencies and replied, “I think it is mainly used for illegal funds.
2018 was the last time Yellen talked about cryptocurrency at an official stand. At the time, he said he thought cryptocurrency transactions were mostly’illegal finance’.
The Senate approval hearing for the nominee Yellen was held on the 19th. Yellen is a veteran economist who served as chairman of the Fed, the US central bank.
At a confirmation hearing, Yellen said the U.S. government should pay more subsidies in the form of unemployment benefits and aid to civil servants and local governments.
“President-elect and I are not offering such support without consideration of the burden of national debt. But right now, with interest rates at all-time lows, the smartest thing we can do is act big.
In the long run, I think the benefits of this will outpace those costs. Especially when it comes to helping those in trouble for a long time.
The Hill reported on the 22nd that the Senate is expected to vote on the approval of the nominee Yellen.
· Translated by NewsPeppermint.
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