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This article examines what former Federal Reserve Chairman Dr. Janet Yellen, the person who should be the next US Treasury Secretary, has said in the past about Bitcoin and blockchain technology.
On November 23, the Wall Street Journal (WSJ) reported that President-elect Joe Biden will appoint Yellen as its secretary of the Treasury, “according to people familiar with the decision.” Of course, his appointment would have to be confirmed by the United States Senate.
Yellen “was president of the Federal Reserve from 2014 to 2018 and vice president from 2010 to 2014”.
According to a recent Coindesk report, all of Yellen’s comments on cryptocurrency and blockchain technology in general came while working as Fed chairman:
- February 2014: “The Fed has no authority to supervise or regulate bitcoin in any way”.
- October 2015: “We do not interpret the popularity of bitcoin as a relationship with the public on the conduct of the Federal Reserve’s monetary policy.”
- September 2016: “[Blockchain] it could have very significant implications for the payment system and the conduct of business. “
- January 2017: “[Blockchain] it is a very important new technology that could have implications for the way transactions are handled throughout the financial system. “
- December 2017:
- “It [i.e. Bitcoin] it is not a stable reserve of value and does not constitute legal tender currency. It is a highly speculative asset. “
- “The Fed actually plays no role, no regulatory role with respect to bitcoin other than to ensure that the banking organizations we control are careful to properly manage the interactions they have with participants in that market and money laundering. [and] Responsibilities of the Bank Secrecy Act they have. “
- October 2018: “I’ll just say I’m not a fan [of Bitcoin]and let me tell you why. I know there are hundreds of cryptocurrencies and maybe something more tempting is coming but I think first of all, very few transactions [that] they are actually managed by bitcoin, and many of these happen on bitcoins are illegal and illicit transactions. “
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