Secretary of the Treasury of the United States Janet Yellen has acknowledged that the cryptocurrency industry has grown by "leaps and bounds."
What happened: In a recent interview with CNBC Squawk BoxYellen noted that cryptocurrencies now play a "major role" in the investment decisions of many Americans.
"Now it's playing an important role, not so much in transactions, but in the investment decisions of many Americans," he said.
The Treasury Secretary also said that she still has some skepticism around cryptocurrencies over concerns about financial stability, consumer protection, and the use of cryptocurrencies for illegal transactions.
โOn the other hand, cryptocurrencies have benefits and we recognize that payment system innovation can be a healthy thing,โ Yellen said.
Earlier this month, a leaked press release of the Treasury office revealed details of the department's planned response to the president Biden's executive order about cryptocurrencies.
Biden's executive order calls for a coordinated and comprehensive approach to digital asset policy, which would support responsible innovation and could deliver "substantial benefits to the nation, consumers, and businesses," the statement said.
Price action: The crypto market saw an increase of 5.37% during the 24 hours early Monday, with the global cryptocurrency market capitalization exceeding $2.13 trillion.
According to data from Benzinga Pro, Bitcoin USD/BTC It was trading at $47,000, up 5% in the last 24 hours. Ethereal ET/USD it was trading at $3,300, 5.7% more than in the same period.
Photo: Courtesy of the European Central Bank via Flickr
