Janet Yellen will continue to stifle cryptocurrencies with regulation

Janet Yellen will continue to stifle cryptocurrencies with regulation
CONTENT

  • Negative rhetoric towards cryptocurrencies will continue in the US

  • The new head of the US Treasury will continue to tighten regulation of the crypto market

  • Easing pressure may come from the US Securities and Exchange Commission

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Janet Yellen will continue to stifle cryptocurrencies with regulation

Former head of the Federal Reserve Janet Yellen as US Treasury Secretary will turn regulators against the cryptocurrency market. This opinion was expressed in the author’s column of the Financial Times by multi-millionaire and former Goldman Sachs partner Gavin Davis..

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Davis recalled that while serving as chairman of the Federal Reserve System in 2017, Yellen called bitcoin “a highly speculative asset.” A similar position was supported by other government officials of the time, but since then the cryptocurrency has managed to double in value, Davis notes..

There will be no salvation

Former Goldman Sachs partner believes that the recent departure of Jay Clayton as chairman of the US Securities and Exchange Commission (SEC) could reduce the degree of hostile attacks against the digital asset industry. Earlier, the editors of BeInCrypto reported that the new chairman of the Commission, Esther Pearce, called on colleagues to define the concepts in the field of cryptocurrencies. 

However, skepticism about digital currencies as a means of payment will continue in any scenario..

Janet Yellen will continue to stifle cryptocurrencies with regulation

According to Davis, Janet Yellen will continue the tough rhetoric towards the cryptocurrency market, which was launched by the outgoing Treasury Secretary Stephen Mnuchin..

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However, Davis admits that the cryptocurrency market is not showing its best sides at the moment:

“The crypto world is now in a frenzy of short-term speculation”.

Recall that in mid-December, the financial crime agency FinCEN, part of the US Treasury Department, proposed radical methods of regulating the crypto market. In particular, FinCEN proposes to apply advanced know-your-customer (KYC) policy procedures in case of withdrawal of funds over $ 3000. Crypto exchanges and providers of cryptocurrency services will have to report transactions worth more than $ 10,000 directly to FinCEN.

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