"Next U.S. Treasury Secretary" Yellen's Bitcoin Quotes
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"Next U.S. Treasury Secretary" Yellen's Bitcoin Quotes
Interestingly, when Yellen testified in 2017, someone flashed a note saying "Buy Bitcoin" behind her.
Navigating Web3 tides with focused insightsFormer Federal Reserve Chair Janet Yellen could become the next U.S. Treasury Secretary.
The Wall Street Journal reported on Monday that President-elect Joe Biden plans to nominate Yellen in the coming days, tasking the seasoned economist with succeeding current Treasury Secretary Steven Mnuchin. Although Yellen has not spoken extensively about Bitcoin, she is clearly familiar with cryptocurrencies and blockchain technology, having made multiple public statements on the topic during her tenure.
Below are her notable remarks.
Personal Views on Bitcoin
October 2015: "We do not see the popularity of Bitcoin as being related to public views about Fed monetary policy actions."
December 2017: "Bitcoin is not a stable store of value and does not constitute legal tender. It's a highly speculative asset."
October 2018: "Frankly, I am not a Bitcoin enthusiast, let me tell you why. I know there are now hundreds of cryptocurrencies, and maybe some are more appealing, but I think first, very few transactions are settled in Bitcoin, and many transactions using Bitcoin are illegal."
Bitcoin and Regulation
February 2014: "The Federal Reserve has no authority to supervise or regulate Bitcoin in any way."
October 2015: Yellen stated that U.S. financial regulators should not "stifle innovation."
December 2017: "With respect to Bitcoin, the Federal Reserve does not play any regulatory role. The Fed conducts careful supervision of banking institutions to ensure they properly interact with market participants and fulfill responsibilities related to anti-money laundering and the Bank Secrecy Act."
Blockchain
September 2016: "Blockchain could have very significant implications for payment systems and business practices."
January 2017: "Blockchain is a very important new technology that could impact how the entire financial system processes transactions."
It remains unclear how Yellen would approach cryptocurrency regulation, or whether such regulations would be a priority. However, agencies including the Office of the Comptroller of the Currency (OCC), the Federal Reserve, the Financial Crimes Enforcement Network (FinCEN), and the Office of Foreign Assets Control (OFAC) either work closely with the Treasury Department or operate as divisions within it.
After Yellen spoke in 2018, Razvan Suprovici, founder of the crypto gifting service Biterica, sent her $20 worth of Bitcoin, though at the time she said she hadn't checked the gift. If she retained those funds, their value would be approximately $60 at the time of publication.
Interestingly, during Yellen's testimony in 2017, someone held up a note behind her that read "Buy Bitcoin."
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