Secretary Yellen recognizes ‘benefits of crypto’ despite lingering skepticism

Secretary Yellen recognizes ‘benefits of crypto’ despite lingering skepticism

Janet Yellen (the 78th United States Secretary for the Treasury) spoke on Friday morning’s CNBC flagship show, SquawkBox, about a variety of topics including the growth of renewable energy amid Russia’s economic isolation and the increasing levels of inflation and Federal Reserve accountability, and her current view on digital assets.

Recognizing the many technological and societal advances in the cryptocurrency space in the last few years, Yellen spoke with a friendlier tone and stated that crypto is now playing a significant part in the investment decisions of many Americans.

“There are many benefits to crypto and we recognize that innovation in the payments system could be a good thing. I see great strength in the American economy. The US has a strong job market and historically low unemployment. Consumer spending is also strong. To discuss, I joined @SquawkCNBC this AM. pic.twitter.com/NKM1H8fDQC
— Secretary Janet Yellen (@SecYellen), March 25, 2022

Yellen also raised concerns about the market’s financial stability. This assessment is often made by Wall Street officials and experts.

Yellen’s historic sentiment about digital assets can be quaintly summarized by recalling her comments at the February 2021 U.S. Fin Sector Innovation Policy Roundtable: “I also see the potential of these new technologies, and I also see the realities,” continuing to list problems such as money laundering, online drug traffickers, and financial terrorism within the industry.

Related: Janet Yellen gives details about Biden’s executive orders on crypto

An executive order by President Joe Biden on crypto was issued earlier this month. It is his 82nd under tenure. The order called for unification of all regulatory agencies in publishing consumer-centric financial frameworks.

Majority of industry leaders praised the order and expressed hope for the future. Yellen herself stated that the order could bring “substantial benefits to the nation, consumers and businesses”.

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