As the political situation grows in turmoil across the Atlantic, the cryptosher is scrutinizing the beginnings of the Biden administration with interest. The objective is to decipher certain statements to see what would be theorientation of the new administration vis-à-vis cryptocurrencies. The 19 jJanuary 2021, the very likely future US Secretary of the Treasury raised the subject. And that did not reassure investors much …
The (future) Secretary of the US Treasury's concern about cryptos
Unless the situation changes, Janet Yellen will be the future Secretary of the Treasury in the United States. However, during a recent exchange in the Senate, Janet Yellen briefly touched on the subject of cryptocurrencies. To set the context, Senator Maggie Hassan questioned her about the role played by cryptomonnothave in the financing of terrorist or criminal actions. Janet Yellen answered the question by pointing out that she was indeed worried about it. She said there was a need to seriously look at this issue and take possible action.
“I think many cryptome currencies are used as a transaction medium for illicit financing and I think we really need to look at ways to reduce this use and ensure that money laundering does not use this channel "
Janet Yellen, future Treasury Secretary of the Biden administration
No need to worry about the future of cryptos!
This reaction is not necessarily surprising. Indeed, Janet Yellen has never been known as a very Bitcoin-friendly person. It would even be the opposite! During her career, she thus held the role of director of the Federal Bank. She was particularly famous for her bitcoin skepticism, not hesitating to qualify as "Not a fan" of Bitcoin. In fact, in 2017, an image was filmed on the internet showing a person waving a "Buy Bitcoin" sign behind Janet Yellen during a broadcast of one of her speeches!
However, this is not enough to panic cryptocurrency investors. Indeed, in the midst of the COVID-19 pandemic, there is a good chance that crypto will not one of the hot topics to deal with once Janet Yellen is in office. This is what she indicated during the same speech given to the Senate on Tuesday, January 19, 2021. Janet Yellen thus declared that her main concern would relate to the support measures to be provided to the American people and to companies to cope to the current crisis. Janet Yellen aalso confirms that the current trade war against China will be aAnother major subject which may occupy the debates for some time.
Finally, another cause for optimism is the presence in the Biden administration of Gary Gensler. A former Goldman Sachs banker, Gary Gensler is not one of the Bitcoin refractors. In fact, he taught cryptocurrency courses at MIT University for years.
