U.S Treasury Secretary recognize crypto’s value but is ‘Skepticism’ -know why

Janet Yellen, the United States Secretary of the Treasury, is still wary of cryptocurrency, but she recognizes that it has value.

“Leaps and bounds”

Janet Yellen, the 78th Secretary of the Treasury of the United States, appeared on CNBC’s flagship business and politics show Squawk Box on Friday morning to discuss a variety of topics including the growth of the renewable energy sector amid Russia’s economic isolation, rising inflation, and Federal Reserve responsibility, and her current perspective on digital assets.

Recognizing the numerous technological and societal advancements in the cryptocurrency space over the last few years, Yellen took a friendlier and more receptive tone than she had previously, Crypto is now According to the survey, “playing a huge part, not so much in transactions, but in the financial decisions of many Americans.”

Yellen says crypto has risen by “leaps and bounds” and is now playing a substantial role in many Americans’ financial decisions in a new interview with CNBC.

Yellen has previously spoken out about the possible negative elements of digital assets. She indicated cryptocurrencies were “a significant concern” during a confirmation hearing with the US Senate Finance Committee in early 2021.

Why is Yellen skeptical about Digital assets?

Yellen was keen to voice some worries about the market’s financial stability, as well as consumer investment safety and its use for criminal activities, a criticism regularly levied at the industries’ highly volatile assets by experts and authorities operating within the Wall Street authority.

“I see the promise of these new technologies, but I also see the reality,” Yellen said at the February 2021 U.S. Financial Sector Innovation Policy Roundtable, continuing to cite difficulties with money laundering, online drug traffickers, and finance terrorism in the business.

President Joe Biden signed an executive order on cryptocurrency earlier this month, his 82nd since taking office, advocating for the unity of all regulatory organizations in establishing consumer-centric financial frameworks.

Industry leaders hailed the directive and expressed optimism about the opportunities it could provide in the future. According to Yellen, it might “result in enormous benefits for the nation, consumers, and businesses.”

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing