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Minister Yellen Acknowledges “Benefits of Crypto” Despite Continued Skepticism

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Janet Yellen, the 78th United States Secretary of the Treasury, spoken Friday morning on CNBC’s premier business and politics show, Squawk Box, on a range of topics related to the growth of the renewable energy sector amid Russia’s economic isolationthe rising inflation and responsibility of the Federal Reserve and their current perspective on digital assets.

Acknowledging the multitude of technological and societal advances in the cryptocurrency space in recent years, Yellen struck a friendlier, more open-minded tone than on previous occasions, stating that crypto “now plays a significant role, not really so much in transactions, but in investment decisions.” many Americans.”

“Crypto has advantages and we recognize that innovation in the payments system can be a healthy thing.”

Alongside this, Yellen was keen to voice some concerns about the market’s financial stability — an assessment often directed at the industry’s highly volatile assets by pundits and officials operating within Wall Street jurisdictions — and protection of consumer investments and their use for illegal purposes transactions.

Yellen’s historical take on digital assets is quaintly summed up by recalling her remarks at the US Financial Sector Innovation Policy Roundtable in February 2021: “I see the promise of these new technologies, but I also see the reality” in which they continue to face problems with money laundering, online drug trafficking and Finance lists terrorism in the industry.

See Also: Janet Yellen Leaked Details of Biden’s Executive Order on Crypto

earlier this month, President Joe Biden issued an executive order on crypto – his 82nd term in office – and one that advocated unifying all regulators in releasing consumer-centric financial frameworks.

Industry leaders widely praised the order and spoke hopefully of the opportunities it could offer in the future, with Yellen herself stating that this “could result in significant benefits for the nation, consumers and businesses”.