US Treasury Secretary Admits Crypto and Blockchain Industry Has Benefits

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Last updated March 27, 2022

Janet Yellen shared her stance on the crypto and blockchain industry. She admitted that the industry has huge benefits for us.

This week, US Treasury Secretary Janet Yellen appeared in an interview with CNBC, published March 25. During the interview, she noted that the crypto and blockchain industry gave Americans another option to choose an alternative investment option.

However, Janet valued the crypto industry as an option for the citizens, but she noted that she is still not 100% sure about it and is also skeptical about it due to some important reasons such as the illegal use of cryptocurrencies.

“I’m a little skeptical because I think there are legitimate concerns about it. Some have to do with financial stability, consumer/investor protection, use for illegal transactions and other matters.”

On the better use cases of digital assets, Janet noted that cryptocurrencies can provide better media for the financial system that can be a much better case for the health of payments as a better solution.

She also noted that governments need to move forward with better policies to use cryptocurrencies in a better environment, where they can more easily evolve into innovations.

“Ultimately, we want to come up with recommendations that create a regulatory environment in which healthy innovation can thrive.”

Earlier, in 2021, during the confirmation hearing with the US Senate Finance Committee, Janet pointed to negative use cases of cryptocurrencies. She noted that cryptocurrencies are responsible for illegal financing.

“I think a lot of them are being used, at least in the transactional sense, mainly for illegal financing, and I think we need to explore how we can curtail their use and make sure that anti-money laundering doesn’t take place through those channels. †

So in recent years, the shift in mindset of the US Treasury Secretary towards the much positive side of the crypto industry shows that real study and understanding about cryptocurrencies can result in a larger number of crypto fans in the world.

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