New Treasury Secretary Weighs In on Digital Currencies
With a new administration comes changes in policies and regulations, and these changes will most likely apply to digital currencies. This is because governments worldwide are looking at digital currency firms as avenues for illegal activities such as money laundering. Newly appointed Treasury Secretary Janet Yellen, the first woman to take on the position in United States history, gives her take on the emerging use of digital currencies.
Treasury Secretary Janet Yellen
“I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system. At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten U.S. national security interests and the integrity of the U.S. and international financial systems. I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities. If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations,” Yellen stated in a written testimony for her nomination hearing questions.
Yellen’s statement bodes well for the digital asset industry as it will further flourish when illegitimate firms that give the industry a bad reputation are shut down. And it seems that people are expecting the Biden Administration to tackle the issues presented by this emerging industry.
Yellen was asked what her plans are in making sure that “the United States remains a cutting-edge leader in global financial services” and that the country promotes responsible innovation, in light of China seemingly overtaking the U.S. in digital currency innovations.
“I believe the United States must be a leader in the digital asset and financial technology areas. This requires us to develop a regulatory framework that fosters innovation and promising new technologies while addressing legitimate concerns about the use of such technologies to finance terrorism and engage in other malign activities that threaten U.S. national security and pose risks to the financial system. I look forward to working with other federal banking and securities agencies, the Federal Reserve, and Congress in developing and implementing such a framework,” Yellen answered.
Her answer, again, provides a premonition of stricter regulations and policies for the digital asset industry. However, this is going to be good news for those like Bitcoin SV (BSV), who are devoted to providing honest commerce through digital currency exchange and blockchain applications.
With SV standing for Satoshi Vision, Bitcoin SV aims to realize the original vision of Bitcoin creator Satoshi Nakamoto, known in the real world as nChain Chief Scientist Dr. Craig S. Wright. At the core of this vision is the concept that Bitcoin’s validity is reliant on it working within the rule of law.
Aside from this law-abiding mindset, the Bitcoin SV blockchain is an immutable public ledger upon which transactions are recorded in a chronological manner. Because of this, it is a treasure trove of information for authorities as any fraudulent activity is recorded and stored in copies on all computers within the network. It is virtually impossible to commit a crime using Bitcoin SV and not be caught. In this regard, Yellen’s statements regarding digital currency only serve to validate Bitcoin SV’s existence.
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