U.S. Secretary of the Treasury recognizes the benefits of cryptocurrencies

[Wimex]

The 78th Treasury Secretary Janet Yellen on Friday discussed CNBC's flagship business and policy program, Squawk Box, on a variety of topics from the growth of the renewable energy sector amid Russia's economic isolation, rising levels of inflation and the responsibility of the Federal Reserve,  well as their current perspective on digital assets. It acknowledged the large number of technological and social advances within the cryptocurrency space in recent years, indicating that "it is now playing an important role, not so much in transactions, but in the investment decisions of many Americans."

Highlighting the fact that earlier this month, President Joe Biden issued an executive order on crypto, his 82nd term, and one advocating for a unification of all regulatory bodies in publishing consumer-centric financial frameworks, and Yellen herself stated that it could "result in substantial benefits to the nation,  consumers and businesses."

How will these statements unfold over time?


Source: https://cointelegraph.com/news/secretary-yellen-recognizes-benefits-of-crypto-despite-lingering-skepticism

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[24Kt]

Because they are realizing that even if there is no clear regulations towards crypto, crypto is continuously existing and expanding. So even if they are not giving interest regarding its regulations, crypto can survive. But would be good if they have certain protocols to adhere as more and more of their citizens are joining this market for potential investments.

[franky1]

bidens executive order was not about regulating crypto. it was an order asking different departments to investigate and make a report about things that need to be learned about crypto.. which might translate later into some regulation.. but thats going to be a separate process

possible things that could come of this:(based on other countries reactions)
a. residential mining(hobby mining) may be outlawed/restricted
    to ensure neighbourhood substation circuit dont circuit break causing localised brown/blackouts

b. incentivising states/counties that have renewable energy to allow asic farms to set up
    so that mining farms can buy allotments of the 'excess'/'surplus' capacity to then re-invest into expanding
    more renewable power plants, and also not cause an influx of mining farms in fossil fuel power regions

c. undo certain over regulations. EG 'bitlicence' in NYC
    but may require having a different 'licence' regulation instead

d. regulate businesses that wish to act as custodians/payment facilitators/brokers.
    no this does not mean software devs or miners. its about exchanges/LN routers/shopping cart processors

those are best case scenarios.

[Fundamentals Of]

Yellen is an old bitch (a female dog) so it is understandable if she can hardly learn new tricks. Not to mention that she's been fully immersed in the system for decades. But she's probably fully aware that despite her reservations against crypto, the American people are very much into it and that even leaders are aware of its potentials. Some are already embracing it. So she's probably not that close-minded as to immediately dismiss any explanation in favor of crypto.

[cabron]

She seems to have softened already.  They already know about the benefits a long time ago, they were just delaying where all these are going because even countries today are already accepting BTC. Still waiting for what they would do to regulate crypto but I think some of what @franky1 is saying could happen. Still, there will be massive events that will happen in crypto and even in the stock market.

[lornadane]

Basically they do know that crypto is indeed very useful for all of us.
There are regulations made or not, but crypto will continue to run and develop over time.
Those who have just realized the crypto world, they dare to go down in investing with crypto and they are never afraid of any risk because they believe the crypto world can change everything for those who are really struggling and patient with the market conditions under any conditions.

[Poker Player]

Yellen is an old bitch (a female dog) so it is understandable if she can hardly learn new tricks. Not to mention that she's been fully immersed in the system for decades. But she's probably fully aware that despite her reservations against crypto, the American people are very much into it and that even leaders are aware of its potentials. Some are already embracing it. So she's probably not that close-minded as to immediately dismiss any explanation in favor of crypto.

I think pretty much the same. For starters, I don't trust Yellen or anyone else who has held as many positions of power for as long as she has. I think if she makes those statements it is because it suits her in some way, and surely, as you say, they are putting into practice the, "if you can't beat 'em, join 'em."

As I have said in other threads, in the beginning the reaction of governments against Bitcoin was negative, but now they have realized that they can't stop it. What they have done, then, is to pass legislation to control it to some extent.

According to statista, as of today 15% of Americans own cryptocurrency. And the trend is growing. Although I would take this kind of statistics with a grain of salt, I think it is true that a significant portion of growing own crypto voters and the policies regarding it will influence their vote.

[Lucius]

I'm not sure she meant Bitcoin, but some centralized coins that can be completely controlled, or maybe she meant their digital dollar. Given her views so far, it would be rather strange if she changed her mind so abruptly. I think we will hear a lot more from this woman, but I doubt it will be anything positive.

Is she still angry about this?


Buy Bitcoin

[PrivacyG]

I'm not sure she meant Bitcoin, but some centralized coins that can be completely controlled, or maybe she meant their digital dollar. Given her views so far, it would be rather strange if she changed her mind so abruptly.

Follow her words closely.

"it is now playing an important role, not so much in transactions, but in the investment decisions of many Americans."

Investment decisions of many Americans.  To me it seems she likes that Americans are starting to choose digital over physical way more than they used to.  It is a great thing to governments, considering they want cash to be gone and CBDC's to be a thing.  This move towards digital assets is a perfect thing for their plans to control and monitor everyone's finances.  Combined with the prominent use of cards rather than cash during the last two years, it is their wet dream coming true.

-
Regards,
PrivacyG

[pragna]

I think everybody will realize the benefits of cryptocurrency gradually. In covid season people take crypto only investment place from secure house. Now Ukraine and Russia was also realizing world about cryptos importance where Russia taking crypto positively to save their economy. I think from this was crypto will be more and more important to U.S.

[tomahawk9]

I'm not sure she meant Bitcoin, but some centralized coins that can be completely controlled, or maybe she meant their digital dollar. Given her views so far, it would be rather strange if she changed her mind so abruptly.

Follow her words closely.

"it is now playing an important role, not so much in transactions, but in the investment decisions of many Americans."

[...]

she says that, but then we have news articles like this one: "Most who know about cryptocurrency see it as a risky investment"

"While two in three Americans have heard something about cryptocurrency, just one in five say they know a lot about it. Even fewer — just 18% — say they have used or invested in cryptocurrency themselves."

[aruldaroy]

everyone will eventually realize the benefits of cryptocurrencies in stages.
Like what has happened in Ukraine and Russia, they are now aware of and embrace bitcoin because they realize that it is very important for their country and bitcoin is ultimately what saves their finances and their other economies.
And day by day crypto will be more and more expected in any country and I'm sure of that.

[Gyfts]

c. undo certain over regulations. EG 'bitlicence' in NYC
    but may require having a different 'licence' regulation insteaD

How much have you heard the government undoing regulations? You think the far left wing of American politicians are capable of deregulation? Biden's executive order is exactly what people fear it is, the pathway down the road of strict regulation and high taxes in order to discourage usage. They don't want anything to compete with USD and they sure wouldn't mind the extra tax revenue. Most politicians don't understand anything about Bitcoin beyond the surface level "digital currency" notions.

[fuguebtc]

I think everybody will realize the benefits of cryptocurrency gradually. In covid season people take crypto only investment place from secure house. Now Ukraine and Russia was also realizing world about cryptos importance where Russia taking crypto positively to save their economy. I think from this was crypto will be more and more important to U.S.

Perhaps they have realized the benefits of cryptocurrencies a long time ago, but because they know they cannot control cryptocurrencies, they always find ways to suppress and ban them to limit their popularity. But now, Russia is one of the biggest competitors that has recognized bitcoin and crypto they are starting to feel they will fall behind the competition if they don't do something similar. The only way now is to accept crypto and embark on an in-depth study of cryptocurrencies.

[Lucius]

Investment decisions of many Americans.  To me it seems she likes that Americans are starting to choose digital over physical way more than they used to.  It is a great thing to governments, considering they want cash to be gone and CBDC's to be a thing.  This move towards digital assets is a perfect thing for their plans to control and monitor everyone's finances.  Combined with the prominent use of cards rather than cash during the last two years, it is their wet dream coming true.

I don't see what investing in cryptocurrencies has to do with the emergence of CBDC, which is actually just a digitized fiat, which actually already exists in the sense that many use only cards for most of their payments. Even at this point, the control of ordinary people's finances is at a high level, but when one day CBDC is the only option, then it will be complete control - even if someone buys Bitcoin through DEX, a trace of digital money can be traced.

However, I think that there will be a transition period when CBDC and cash will exist at the same time, and even in the EU they said that the amount of CBDC (digital euro) that an individual will be able to have will be limited. I also think that they (governments) are aware that even more reducing privacy will make even more people look for alternatives - which may be a good opportunity for cryptocurrencies.

[Fundamentals Of]

Yellen is an old bitch (a female dog) so it is understandable if she can hardly learn new tricks. Not to mention that she's been fully immersed in the system for decades. But she's probably fully aware that despite her reservations against crypto, the American people are very much into it and that even leaders are aware of its potentials. Some are already embracing it. So she's probably not that close-minded as to immediately dismiss any explanation in favor of crypto.

I think pretty much the same. For starters, I don't trust Yellen or anyone else who has held as many positions of power for as long as she has. I think if she makes those statements it is because it suits her in some way, and surely, as you say, they are putting into practice the, "if you can't beat 'em, join 'em."

As I have said in other threads, in the beginning the reaction of governments against Bitcoin was negative, but now they have realized that they can't stop it. What they have done, then, is to pass legislation to control it to some extent.

According to statista, as of today 15% of Americans own cryptocurrency. And the trend is growing. Although I would take this kind of statistics with a grain of salt, I think it is true that a significant portion of growing own crypto voters and the policies regarding it will influence their vote.

It's actually very normal for old people in the old system to go against Bitcoin. Yellen is very much part of the old system. But we have seen many of them switching sides. The Bitcoin community is full of converts. So it is not really a big problem if some are still left on the other side. It's just a matter of time before they too will get enlightened and join progress. It seems Yellen will still see the day when she's already on the orange side.

[molsewid]

Perhaps they have realized the benefits of cryptocurrencies a long time ago, but because they know they cannot control cryptocurrencies, they always find ways to suppress and ban them to limit their popularity. But now, Russia is one of the biggest competitors that has recognized bitcoin and crypto they are starting to feel they will fall behind the competition if they don't do something similar. The only way now is to accept crypto and embark on an in-depth study of cryptocurrencies.

I agree with you mate, I bet they already realized the benefits of cryptocurrencies a long time ago but the only thing that didn't pushed them to adopt is that they don't have the power to control it because cryptocurrency is a decentralised platform. I am still optimistic that the world especially those richest countries will going to adopt crypto but as of now only small time countries used to adopt it. I don't have specific time speculation for that but hopefully one day will come.

[fuguebtc]

Perhaps they have realized the benefits of cryptocurrencies a long time ago, but because they know they cannot control cryptocurrencies, they always find ways to suppress and ban them to limit their popularity. But now, Russia is one of the biggest competitors that has recognized bitcoin and crypto they are starting to feel they will fall behind the competition if they don't do something similar. The only way now is to accept crypto and embark on an in-depth study of cryptocurrencies.

I agree with you mate, I bet they already realized the benefits of cryptocurrencies a long time ago but the only thing that didn't pushed them to adopt is that they don't have the power to control it because cryptocurrency is a decentralised platform. I am still optimistic that the world especially those richest countries will going to adopt crypto but as of now only small time countries used to adopt it. I don't have specific time speculation for that but hopefully one day will come.

It is impossible to know exactly when that will come, but I believe it will have to happen. Currently, small countries are still poor, have weak internal economic resources and are oppressed by big countries so it is right to apply bitcoin and crypto early. I hope crypto will soon help those small countries become powerful and catch up economically with rich nations. Then major countries will not stand still to be surpassed, as long as small countries succeed with crypto we will see what we are looking for.

[fiulpro]

Considering the situation right now I do think that it's really important to understand that without bitcoins they would be in a huge problem considering how many people are now investing in Bitcoins and other cryptocurrencies with the uncertainty in the prices and also with the Russian invasion of Ukraine, with them threatening about the nuclear war and WW3 would be right around the corner if not. Therefore I do think that recognising bitcoins is the only option that they got also with the Russia also into bitcoins and other cryptocurrencies it would be wise to make sure they don't they and dominate the Bitcoin market since it can be disastrous for the long run.

[LUCKMCFLY]

I think everybody will realize the benefits of cryptocurrency gradually. In covid season people take crypto only investment place from secure house. Now Ukraine and Russia was also realizing world about cryptos importance where Russia taking crypto positively to save their economy. I think from this was crypto will be more and more important to U.S.

Perhaps they have realized the benefits of cryptocurrencies a long time ago, but because they know they cannot control cryptocurrencies, they always find ways to suppress and ban them to limit their popularity. But now, Russia is one of the biggest competitors that has recognized bitcoin and crypto they are starting to feel they will fall behind the competition if they don't do something similar. The only way now is to accept crypto and embark on an in-depth study of cryptocurrencies.

Well, the Biden administration is making decisions that are now having a lot of impact, especially economically, from looking for oil in countries that previously had differences to finally giving it the pertinent recognition that BTC should always have had.

It is no secret to anyone that inflation in the USA is increasing, I do not know much about that economy, but I know that many people with 100USD that they had made a great market, currently with those 100usd it is not enough for them to make the same market, but with fewer items Another thing is that somehow they make up to show figures that are acceptable, that is why BTC makes the difference, the difference between an inflationary economy vs. a deflationary economy is clearly seen.