Janet Yellen, the 78th United States Secretary of the Treasury, speak Friday morning on CNBC's flagship business and politics show, Squawk Box, on a variety of topics from the growth of the renewable energy sector. amid Russia's economic isolationthe rising levels of inflation and the responsibility of the Federal Reserve, as well as its current outlook on digital assets.
Acknowledging the multitude of technological and social advancements within the cryptocurrency space in recent years, Yellen offered a friendlier and more responsive tone than on previous occasions, stating that cryptocurrencies “are now playing a big role, not so much in transactions, but in the investment decisions of many Americans.”
“There are benefits to cryptocurrencies and we recognize that payment system innovations can be a healthy thing.”
I see a lot of strength in the US economy. We have an immensely strong job market, historically low unemployment figures, and consumer spending remains strong. I joined @SquawkCNBC this morning to discuss. pic.twitter.com/NKM1H8fDQC
— Secretary Janet Yellen (@SecYellen) March 25, 2022
In addition to this, Yellen was keen to raise some concerns about the financial stability of the market, an assessment often made by experts and officials operating within Wall Street's jurisdiction of the industry's highly volatile assets, in addition to the protection of the consumer's investment and its use for illicit purposes. proceedings.
Yellen's historical sentiment on digital assets can be interestingly summed up by recalling his comments at the February 2021 US Financial Sector Innovation Policy Roundtable: "I see the promise of these new technologies, but I also see the reality," and goes on to list the problems with money laundering, online drug dealers and finance. terrorism in the industry.
Related: 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, and one that advocated the unification of all regulatory bodies in publishing consumer-focused financial frameworks.
Industry leaders highly praised the order. and spoke hopefully about the opportunities it could present moving forward, with Yellen herself stating that it could "result in substantial benefits for the nation, consumers and businesses."
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