Cryptomoney could change things“ – The future boss of the US Treasury surprises her world

We’re no further ahead – The former president of the Federal Reserve (Fed) and future U.S. Treasury Secretary, Janet Yellen, had caused great concern in the Bitcoin Method cryptosphere when she spoke of „restricting“ the use of cryptography. She has just „clarified“ her statement, blowing hot and cold on our favourite sector.

The world of crypto-actives has a great „potential“.

On Thursday 21 January, Janet Yellen appeared before the Finance Committee for her appointment by Joe Biden as the new Secretary of the Treasury.

She notably went back on her previous comments of 19 January, which were very virulent towards the cryptosphere:

„Cryptomoney is particularly worrying. I think a lot of them are being used, at least in a transactional sense, mainly for illicit financing. And I think we really need to look at ways of restricting their use and making sure that the fight against money laundering does not go through these channels. »

Something to give goose bumps to any crypto-enthusiast. Fortunately, his latest statement paints a slightly less black picture:

„Bitcoin and other crypto-currencies offer financial transactions all over the world. Like many technological developments, this offers potential advantages for the United States and its allies. »

Yes, but, „at the same time. »

Obviously, despite this potential for innovation, Janet Yellen immediately counter-arguments:

„At the same time, it also presents a risk to state and non-state actors who seek to circumvent the current financial system and undermine US interests. »

A little further on in her speech, it was another round: despite (again) the recognition of the „potential“ that cryptos have to „improve the efficiency of the financial system“, there is nothing to convince the future Secretary of the Treasury:

„At the same time, we know that [these cryptos] can be used to finance terrorism, facilitate money laundering and support malicious activities that threaten the national security interests of the United States, as well as the integrity of the US and international financial systems. »

Janet Yellen thus wishes to „encourage“ the use of cryptos for „legitimate activities“, while at the same time wanting to „restrict“ their use for „malicious and illegal activities“.