Treasury Sec talks about ‘benefits of crypto’ and the growth of the industry

During her speech this Friday morning at CNBC’s flagship business and politics show Squawk Box, the United States’ 78th Secretary of the Treasury Department, Janet Yellen talked about the crypto market and growth of the renewable energy sector with Russia’s economic sanctions, increasing inflation, and Federal Reserve responsibility. She also talked about her personal views on digital assets.

I see a lot of strength in the American economy. We have an immensely strong job market, historically low unemployment numbers, and consumer spending continues to hold strong. I joined @SquawkCNBC this morning to discuss. pic.twitter.com/NKM1H8fDQC

— Secretary Janet Yellen (@SecYellen) March 25, 2022

Recognizing the many societal and technological progressions in the crypto world over the last few years, Yellen took a pleasanter, more receptive style than she had previously, stating that crypto is now playing a major role, not so much in transactions, but in investment choices of many Americans. She stated:

“There are benefits from crypto, and we recognize that innovations in the payments system can be a healthy thing.”

Along with this, Yellen was quick to highlight some concerns about the market’s financial stability — a criticism frequently leveled at the industry’s highly volatile assets by Wall Street experts and authorities — as well as consumer investment protection and its use for criminal transactions.

“I see the promise of these new technologies, but I also see the reality,” Yellen said at the February 2021 U.S. Financial Sector Innovation Policy Roundtable, continuing to cite difficulties with online drug traffickers, money laundering, and finance terrorism in the industry.

In February, as TheCoinRise reported, the U.S. Treasury connected NFTs with high-value art money laundering by citing several examples and possibilities.

Is the U.S. liking crypto?

President Joe Biden signed an executive order on crypto earlier this month, his 82nd since taking office, advocating for the unity of all regulatory organizations in establishing consumer-centric financial frameworks.

Industry executives hailed the decision and expressed optimism about the potential it could open up in the future, with Yellen herself adding that it could “result in substantial benefits for the nation, consumers, and businesses.”