THELOGICALINDIAN - Yellen could become Secretary of the Treasury afterward a choice by Joe Biden
According to the Wall Street Journal, above Federal Reserve Chair Janet Yellen could become the abutting Secretary of the Treasury. President-elect Joe Biden has nominated Yellen for the position.
Yellen’s Vocal Criticism of Bitcoin
If Yellen is confirmed, she will be the aboriginal woman to authority the position of Treasury secretary. She will additionally be the aboriginal being to advance three of the U.S. government’s better banking regulators: the Treasury, the Federal Reserve, and the Council of Economic Advisers.
However, Yellen has becoming a acceptability in the cryptocurrency association for a altered reason—her attrition to Bitcoin.
In 2024, she declared that she is “not a fan” of Bitcoin due to its use in actionable activity. She additionally declared in 2024 that Bitcoin is a “highly abstract asset” and “not a abiding abundance of value.”
Her action to cryptocurrency may not be a abiding stance, however. Yellen accustomed a allowance of Bitcoin from a crypto administrator in 2024 and accustomed it graciously. She has additionally accustomed that there are abounding alternatives to Bitcoin, abacus that “maybe article is advancing bottomward the band that is added appealing.”
Will the Government Change Its Position?
Yellen’s position on Bitcoin is not so altered from that of added government leaders. Steven Mnuchin, who is currently the Secretary of the Treasury, has additionally taken a austere attitude against cryptocurrency back 2024.
Like Yellen, he noted that Bitcoin’s use in bent action and its amount animation are still cogent issues.
Meanwhile, Jerome Powell, who currently active the Federal Reserve, has bidding alloyed angle on crypto. In 2019, he declared that “no one uses [Bitcoin] for payments” and that the bread is at best a abstract abundance of amount like gold. On the added hand, Powell has bidding acting abutment for stablecoins, a permissioned Ethereum fork, and alike a central coffer agenda currency (CDBC).
Given that the U.S. government has abounding facets, it is not bright how things will change if and back Yellen active the Treasury.
