Janet Yellen, future Secretary of the US Treasury

Janet Yellen, future Secretary of the US Treasury, gives her opinion on cryptosystems

  • Joe Biden has chosen Janet Yellan as Secretary of the United States Treasury.
  • Janet Yellen has already given her views on cryptomoney in a hearing before the Senate.
  • The Trust Project is an international consortium of media organisations based on transparency standards.

Janet Yellen, future US Treasury Secretary, gave her views on cryptography in a hearing of Bitcoin Bank before the Senate and then in a written statement.

Negative at first glance

Joe Biden has chosen Janet Yellen for the position of Secretary of the Treasury of the United States, the equivalent of the Minister of Economy and Finance in France.

Janet Yellen served as President of the Federal Reserve (FED) under Barack Obama, and has been relatively silent on her views on cryptography since she called Bitcoin „anything but useful“ in October 2018.

Yellen told the US Senate Finance Committee that cryptography is a „growing concern“ in the United States, saying that it is used „primarily for illicit financing“ and that the US government needs to examine ways to „reduce“ the use of cryptography as part of its efforts to combat money laundering.

Then more nuanced comments

However, her written statement published today on the website of the Senate Finance Committee suggests that Yellen’s views on cryptomoney may not be as clear-cut as those remarks suggested.

While Yellen’s written statement reiterates the need to reduce the use of Bitcoin for „malicious and illegal activities“, she also said she plans to encourage the use of cryptography for „legitimate activities“.

„I think it’s important that we consider the benefits of encryption and other digital assets, and the potential they have to improve the efficiency of the financial system. »

If this appointment is finally approved, Ms. Yellen will be the first woman to hold the position of Secretary of the Treasury. An appointment that will be important for the cryptomoney market in the coming months and years.