If the future director of the US Treasury says she is concerned about the illicit uses of cryptocurrencies, her analysis is not confined to negative aspects. Janet Yellen adds that crypto and digital assets could improve the efficiency of the financial system.
The first statements of the very likely Secretary of the Treasury Janet Yellen did not go unnoticed in the crypto-sphere. It's the least we can say. And these remarks raise fears of a tightening of regulation.
During his Senate hearing, Yellen believed that cryptocurrencies were a “growing concern” in the United States. And pinpoint their use "primarily for the illicit financing" of terrorist and criminal activities.
Promote "legitimate" uses of crypto
Administration representative Biden therefore considers it necessary to examine ways to "reduce" the use of crypto in the fight against money laundering. But the Secretary of the Treasury's point of view is not limited to these aspects.
Reading her written statement, Cointelegraph says, suggests a more nuanced view of the political leader towards cryptoassets. Of course, it advocates combating their use for the benefit of "malicious and illegal activities".
At the same time, however, it plans to encourage the uses of these digital assets for "legitimate" purposes. »And to continue. “I think it's important that we consider the benefits of cryptocurrencies and other digital assets, and their potential to improve the efficiency of the financial system. "
The United States, a leader in digital assets
The stake is indeed competitive. The aim is, through the development of digital finance, to consolidate the domination of the United States in this sector. Janet Yellen believes the country needs to be "a leader in digital assets and fintech. "
To achieve this, however, regulatory changes should be required. Secretary of the Treasury Announces Development of Regulatory Framework for Cryptocurrency "and other fintech innovations. "
The return of KYC rules on transactions to private wallets should therefore not be ruled out. At the moment, this settlement is on hold for 60 days. But like France, the United States could strengthen identity checks on cryptocurrency transactions.
“We fought hard and won the right to catch our breath and start from scratch. Janet Yellen is not Steve Mnuchin. I am optimistic ”, nevertheless welcomed the legal director of Compound Finance, Jake Chervinsky. Maybe a little early?