טרעאַסורי סעקרעטאַרי Janet Yellen זאגט אַז אַפּקאַמינג קריפּטאָ רעגיאַליישאַנז וועט שפּייַזן געזונט כידעש

The US Treasury Secretary Janet Yellen joined CNBC’s Squawk Box this morning and talked to ענדרו סאָרקין וועגן ביטקאָין.

Secretary Yellen talked about the overall US economy and דערמאנט she had her hopes high as the job market strengthened and unemployment numbers dropped.

Later, Sorkin mentioned Russia’s recent מעלדן accepting Bitcoin payments fo energy purchases and asked where the US stands with the crypto conversation.

“Crypto has grown by leaps and bounds, and is now playing a significant role in the investment decisions of lots of Americans. We would like to … create a regulatory environment in which healthy innovation can continue.” – @SecYellen on # ביטקאָיןpic.twitter.com/UHKqf6bvrV

- Michael Saylor⚡️ (@saylor) מאַרץ קסנומקס, קסנומקס

Senator Yellen started her response by acknowledging Bitcoin’s exponential growth as an investment tool. She stated:

“Crypto has grown by leaps and bounds, and is now playing a significant role in the investment decisions of lots of Americans.”

President Biden orders for action

It seems like President Biden is also aware of Bitcoin’s impact and is getting ready to take it under control. According to Yellen, the President issued an executive order a few weeks earlier and asked the treasury and other agencies to prepare for crypto regulations.

Secretary Yellen had דערמאנט this order a few weeks earlier as well. On the 9th of March, she stated on Biden’s cryptocurrency executive order and said:

“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers and businesses.”

The statement continues by mentioning the risks:

"עס וועט אויך אַדרעס ריסקס שייַכות צו ומלעגאַל פינאַנצן, פּראַטעקטינג קאָנסומערס און ינוועסטערז, און פּרעווענטינג טרעץ צו די פינאַנציעל סיסטעם און ברייטערער עקאנאמיע."

ריסקס און בענעפיץ

When Sorkin asked Secretary Yellen about her opinions on crypto, she said there were valid concerns around crypto, but she also saw the benefits of it too. Majority of her concerns revolved around the issues of security. She said:

"איך טראַכטן עס זענען גילטיק קאַנסערנז אַרום אים. עטלעכע האָבן צו טאָן מיט פינאַנציעל פעסטקייַט, קאַנסומער און ינוועסטער שוץ, נוצן פֿאַר ומלעגאַל טראַנזאַקשאַנז און אנדערע טינגז. אויף די אנדערע האַנט, עס זענען אויך בענעפיץ פון קריפּטאָ.

Upcoming US regulations

After summarizing their main concerns regarding crypto, Secretary Yellen assured that they were also aware of the benefits. She mentioned that innovation could have a healing effect on the financial systems as long as its ‘healthy.’

With that, she also hinted at the nature of the upcoming US regulations as advisory rules that ensure the healthy growth of crypto. She said:

“We recognize that innovation in the payment system can be a healthy thing. We would like to come out eventually with recommendations that will create a regulatory environment in which healthy innovation can grow”