Janet Yellen Opines That Digital Assets Could Improve Financial System
It seems that the former head of Federal Reserves could be changing her outlook on the digital asset industry. Yellen’s relationship with digital assets in the past was controversial, mainly because she opined that she doesn’t see Bitcoin as an asset. Several BTC critics have changed their opinion of the sector.
Yellen might be next even before former President people spoke about Donald Trump’s exit from office, rumors concerning Yellen being the Biden’s administration choice severally. The space feared that Yellen’s discouraging belief could affect cryptocurrency’s growth when she becomes the Treasury Secretary. She also recently said those innovations were a source of concern for the US government and advised that the nation curtail its use.
Yellen writes on how digital assets could improve the financial system
The recent news came as a shock to people who know the former head as a crypto critic. Even when other executives soften on their digital asset stance, she remained unimpressed with the sector. In a hearing Yellen had with the Senate, she revealed that terrorists use digital assets to finance their operations. She opines that it’s mostly criminals that utilize the platform because of its anonymity.
But now, Yellen revealed that Cryptos could bring change into the American financial system.Today, the nominated candidate has the avenue to express her opinion on issues concerning cryptocurrencies fully. She wrote that the government should consider the benefits of digital assets at large and their ability to improve the system.
She still pointed out that the platform is an easy tool for criminals to finance their activities before mentioning that promotion of the platform for legitimate uses would reduce incidences of its use for illegal activities. Yellen explained that she would work with other regulatory bodies to make regulations for digital assets and other financial technology projects if she is eventually appointed.
New FinCEN proposals for US users
Concerning the regulatory bodies she plans to work concerning new regulations, Yellen had worked within the Federal Reserve as head some years ago. Apart from the reserve, she explained that she would work with FinCEN.
FinCEN proposed some controversial rules during the Donald Trump administration to curtail crypto wallet use. The body also puts up some stringent restrictions on wallet holders, limiting daily transfers or other requirements like the wallet provider to file reports concerning customer transactions and other KYC documents.
The space had cried out concerning the regulations and revealed that Trump’s government was trying to pass into law a rule that has not gone through the appropriate process. Before passing the proposal, Biden’s government will scrutinize the government and either scrap or amend it when it is not satisfactory.
Janet Yellen’s appointment process is currently ongoing, as appropriate authorities would vote concerning it. Presently in Biden’s administration, two proposed candidates have crypto ties, which the space believes would significantly promote regulations that would foster widespread digital assets adoption. While no one knows for sure, but there is a huge possibility the individuals would eventually take the seats.
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