Bitcoin Forum

Do you think there will be any impact on Bitcoin with appointing former Fed Chairman Janet Yellen who constantly criticized the cryptocurrency?
Source https://cointelegraph.com/news/biden-plans-for-former-fed-chair-and-noted-bitcoin-bear-to-lead-us-treasury

No, because Bitcoin doesn't rely on and doesn't need the FED or The US government.  8)

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Seriously what the person can do? Bitcoin has evolved too much to make something constructive to restrict citizens or companies.
And the most important thing: Bitcoin doesn't need politic

Right, bitcoin doesn't need anything including politics and authorities but it's the authorities that stick their noses everywhere and make ridiculous laws.

AFAIK the Department of Treasury has very little thing to do when it comes to cryptocurrencies as this is really not their main task when it comes to their job since most of the cryptocurrencies are classified as securities you need to be more concerned on who will be appointed as the head of the US SEC which as of right now you don't have anything to worry about since the renowned "Crypto Mom" will still be seated until 2025. So if you will be concerned about rules and regulations you should observe what the US SEC will be doing and not the DoT.

I think that companies and individuals are the ones who will push legislators to make more decisions about adopting Bitcoin and imposing a clear regulatory vision, either for the sake of expanding taxes or pressures and increasing demand that will force the government to act.

The political decision will be slow if the support from individuals decreases, but in the current situation, I do not think that a political person can push in this direction without the presence of a sufficient current of people wanting to trade digital currencies.

Regardless of who are going to head the US Treasury, they will still go after crypto,

U.S. Treasury’s FinCEN Issues $60 Million Penalty Against Operator of Bitcoin ‘Mixers’. (https://www.wsj.com/articles/u-s-treasurys-fincen-issues-60-million-penalty-against-operator-of-bitcoin-mixers-11603144315)

But as far as politics is concern, bitcoin doesn't need to know who is pro or who is against, doesn't matter. It's the people who decide, the system is centralised and we don't need any authority. As long as US is in the grey area as far as bitcoin legality, I don't see any problem of Janet Yellen being the Treasury Secretary of United States.

On Larry Harmon's case they didn't really go after him because of the crypto mixer he is involve but because his Bitcoin mixer he has violates several anti-money laundering regulations as well as assisting criminals to clean out their money by the use of his service in the dark web. The US Treasury didn't really go after him because of the crypto he is holding but the illicit activities he had done. It's really not the same how SEC does things where they are directly affecting cryptocurrencies with their regulations.

I do not think that Janet Yellen's appointment will have a significant negative impact on Bitcoin and cryptocurrencies, for several reasons, the first of which is that Bitcoin and cryptocurrencies have been able to prove their presence on the ground with full force and have become a fact that cannot be ignored.
Secondly, it is not possible to ignore the acceptance of this large number of people and large companies, led by Paypal, for Bitcoin, and thus there will be many important figures trying to push towards accepting Bitcoin.
Finally it is true that Janet Yellen has made negative statements about Bitcoin in the past, but this could change as it happened with many VIPs who gave statements against Bitcoin and then returned and changed their minds.

You just have to love these topics...

Is a person who is against bitcoin, in this case, Yellen nominated as  Treasury Secretary, no, a single person can't do anything.
Is "cryptomom" (Hester Peirce) nominated as a SEC commissioner? He can do so much for bitcoin, this is so good news!!!!

Nope, bitcoiners are not using a double standard at all, never  ;D ;D

Either way, other than nominating a woman and trying to act all about gender equality and all that propaganda Biden has chosen quite a weird person in these times, let's wait and see how his trillions in spending will go along with her, especially with her stance on inflation rates.


Cryptomom is one of the commissioners, there are four of them, the head will be nominated by Biden, and unfortunately for her, she is from the losing side, she was nominated by the Republicans. Besides, cryptocurrencies are not actually in the SEC's court but more the deal of the CFTC.

i'd probably view things more in terms of administrations (ie trump vs biden) rather than treasury secretaries (mnuchin vs yellen). in that sense, biden and the democrats likely skew towards tighter regulation of financial institutions and money transmission than the republicans, which may have some implications in terms of regulation that will affect bitcoin and bitcoin businesses.

all in all, i don't see any huge differences though. the FATF is a puppet of the USA, and their extremely rigid new crypto guidelines were published under mnuchin. we're heading towards stiffer regulations (and accordingly, further consolidation of the industry) no matter what.

coindesk put together a summary of what yellen has said about bitcoin and associated regulation: https://www.coindesk.com/janet-yellen-bitcoin

nothing particularly interesting there---just the usual stuff about the need for compliance with the bank secrecy act (AML/KYC stuff), that bitcoin is highly speculative and associated with illegal activity, etc.

There's no much impact on it since Bitcoin is a decentralized currency and not being controlled by any central banks.  Therefore, the growth or demising of Bitcoins lie on the investors and the ordinary people who will either adopt it or will topple down the Bitcoin.  Though Yellen has been known as a cryptocurrency critic Bitcoin has shown its capability to surpass such criticism as what the other influential people did when Bitcoin is still new and struggles to prove all its benefits and be able to make a turnabout in their perception of it.

Moreover, politics is politics and every politician will do everything to have full control over their citizens especially when it comes to their finances which gives me an idea that somehow Yellen will still have an impact in Bitcoin particularly on their citizens which may cause some changes in the crypto market.

In this article, "Biden plans for former Fed Chair and noted Bitcoin bear to lead US Treasury (https://cointelegraph.com/news/biden-plans-for-former-fed-chair-and-noted-bitcoin-bear-to-lead-us-treasury)" stated that "Yellen as of now seems to have been quiet on crypto since leaving the Fed and going to work for a think tank. Where she stands now remains to be determined".

Of course, there may be some influence on cryptocurrency by the US Treasury Secretary, who constantly criticizes cryptocurrency.  This position allows it.  However, the question is whether she will in practice use her position to negatively impact cryptocurrency.  This is not necessary at all.  News broke that Biden's entire team would be made up of women.  In any case, it has already been announced that his press service will consist only of women.  Here I also see that the Minister of Finance can also be a woman.  In my opinion, this is already discrimination against men.  However, it is still interesting how this will affect the efficiency of the work of all these departments.

Bitcoin doesnt need these things yet it can move on its own without the need of any approval of anyone neither they are on the positive or on the negative side of things.
Crypto doesnt connect with politics and no matter how negative or they heavily criticize it then what they can actually do? When proposing some bill then that would still
need lots of debates and argumentations before it would be approve out.
Biden nominating Janet yellen which is an anti-crypto? We dont really care because theres nothing she can do.We do have our own insights and inputs towards
crypto but making such action would be totally irrelevant.