US Senate committee clears Janet Yellen nomination for Treasury secretary

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Janet Yellen, the former chairwoman of the U.S. Federal Reserve, moved one step closer to becoming the Biden administration's Treasury Secretary on Friday morning.

The Senate Finance Committee unanimously cleared Yellen's nomination, setting the stage for a full floor vote. Such a vote may come as soon as Friday afternoon based on the pace of confirmations for U.S. President Joe Biden's Cabinet nominations. Yellen is likely to clear a full vote given the 26-0 committee vote.

Assuming Yellen takes the helm at Treasury, she will oversee a government department that has grown its regulatory footprint in the crypto space in recent years.

Yesterday, written testimony published by the Senate indicated that Yellen may take a middle-of-the-road approach to her department's crypto oversight, arguing that the U.S. government should be mindful of both potential benefits and risks.

"Bitcoin and other digital and cryptocurrencies are providing financial transactions around the globe. Like many technological developments, this offers potential benefits for the U.S. and our allies," she wrote. "At the same time, it also presents opportunities for states and non-state actors looking to circumvent the current financial system and undermine American interests. For example, the Central Bank of China just issued its first digital currency."

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Aug 11, 2021, 5:18PM UTC
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