US Treasury Secretary Janet Yellen is still a bit skeptical about crypto, but she acknowledges that the digital asset space offers value.
in a new maintenance with CNBC, Yellen says crypto has grown by leaps and bounds and now plays a significant role in the investment choices of many Americans.
“I have a bit of skepticism because I think there are valid concerns about it. Some have to do with financial stability, consumer/investor protection, use for illicit transactions and other stuff.
On the other hand, crypto has brought benefits and we recognize that innovation in the payment system can be a healthy thing. We would eventually like to make recommendations that will create a regulatory environment in which healthy innovation can thrive.
In previous public comments, Yellen pointed out the potential downsides of digital assets. Speaking during a confirmation hearing with the US Senate Finance Committee in early 2021, she said cryptocurrencies were “a particular concern”.
“I think a lot is used, at least in a transactional sense, primarily for illicit finance, and I think we really need to look at ways to reduce their use and make sure that anti-money laundering doesn’t does not occur through these channels.”
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