Speaking at yesterday’s Senate Finance Committee hearing, nominated Treasury Secretary Janet Yellen highlighted how cryptocurrencies are a “particular concern”, calling for new ways to “curtail their use”.
Her pessimistic attitude can be seen in her former post as the Chair of the Federal Reserve where she explicitly stated that she “was not a fan”.
Indeed, she has been questioning how cryptocurrencies can be “effective forms of currency or stable sources of value”, advocating the need for more stringent regulations. The remark came following a controversial rule by the Treasury to revamp reporting requirements of these virtual currency transactions, requiring the owner’s personal details (eg. names and homes addresses).
However, if she is to be elected as the next U.S. Treasury Secretary, one thing we know is her upcoming priority to ‘act big’ on a stimulus for transitioning the economy to a post-pandemic world. Nevertheless, the crypto industry has to still be prepared for the government’s red tape, especially with Gensler’s nomination as the next chairman of SEC.
