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Treasury Secretary Janet Yellen Admits Crypto has Benefits
Summary: U.S. Treasury Secretary Janet Yellen acknowledged crypto’s growing role in investment decisions for many Americans during an interview Friday with CNBC, and mentioned she would work towards creating a regulatory infrastructure to support the industry. “There have been benefits from crypto and we recognize that innovation in the payment system can be a healthy thing,” ...
U.S. Treasury Secretary Janet Yellen acknowledged crypto’s growing role in investment decisions for many Americans during an interview Friday with CNBC, and mentioned she would work towards creating a regulatory infrastructure to support the industry.
“There have been benefits from crypto and we recognize that innovation in the payment system can be a healthy thing,” the somewhat skeptical Yellen told CNBC. “We would like to come out eventually with recommendations that will create a regulatory environment [for] innovation."
Yellen, the former Federal Reserve Chairperson, was known for being an outspoken critic of Bitcoin (BTC) and the broader cryptocurrency space, stating in 2018, she was “not a fan.”
Now in her new role as Treasury Secretary, Yellen expressed only a little bit of skepticism, noting “valid concerns” such as financial stability, consumer investor protection and the potential use for illicit transactions.
Yellen’s interview and comments come just weeks after the Biden Administration’s executive order, calling for a “whole-of-government” approach to regulating crypto. The approach aims to study the risks and potential, digital assets and their underlying technology have.
Author: Tyler Irvin
Tags: Crypto,Treasury Secretary
Link: Treasury Secretary Janet Yellen Admits Crypto has Benefits [Copy]
