Tuesday, March 2, 2021

Senate approves Janet Yellen as US Treasury Secretary

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Janet Yellen is the US 78th U.S. Secretary of the Treasury.

The former Federal Reserve chair and longtime economist received enough votes in the Senate on Monday Confirmation hearing January 19. Yellen was taped President Joe Biden will head the Treasury Department after winning last year’s election. He replaces Steven Munuchin, who left office Wednesday after Biden’s inauguration.

The new cabinet official said Didn’t talk much about crypto. During his tenure as head of the Federal Reserve Board, he indicated that he was not a huge fan. Bitcoin But called for light control.

Yellen joins a treasury department that oversees years of proposed crypto-related rules, as well as President Biden’s response to an economic crisis brought on by a year-long global coronavirus epidemic. During his confirmation hearing, he sought “big” relief from the government to support U.S. residents.

“Neither the president-elect nor I am proposing this relief package without appreciating the relief burden of the country. But the smartest thing we can do now with the historic low interest rate is the big thing, “he said in his inaugural address before being sworn in as president of Biden.” In the long run, I believe the benefits will outweigh the costs, especially if we last long. I think about helping people who have been fighting for a long time. “

During the hearing, Yellen did not address the risk of rising inflation, although he said maintaining the stability of the US financial system would be beneficial to both the US and other countries.

Although inflation in the United States has fallen below 2% in the last few years, Economists are watching The amount of debt owed by the nation to deal with the ongoing COVID-19 epidemic.

‘Special Thoughts’

Yellen did not provide a window into the written comments sent to the Senate Finance Committee on the question of cryptocurrency control during his testimony or after the hearing.

He called for the use of cryptocurrencies to finance terrorists.A special concernDuring the hearing in response to a question from Sen. Maggie Hassan (DNH).

“We need to make sure that our methods for dealing with these issues with the financing of technology terrorists should change as technology changes,” he said. “I think a lot [cryptocurrencies] At least one transaction is used for money, mainly for illicit financing, and I think we really need to examine the ways in which we can reduce their use. “

But he also spoke of legitimate use Should be encouraged, And said that cryptocurrencies have the potential to “improve the efficiency of the financial system.”

He intends to work with the Federal Reserve and other financial regulators, including the Financial Crime Enforcement Network (FINSEN), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Office of the Currency Regulator (OCC).

Read more: Crypto State: What the crypto world should keep an eye on in the bypen era

Although Finsen appears to have taken office in 2013 under director Kenneth Blanco, other agencies are currently working under the acting head, and Biden’s nominees are awaiting their confirmation hearing.

Gary Jensler, former chairman of the CFTC, has been nominated for president of the SEC, and is currently overseen by Commissioner Alison Heren Lee. Being overseen by CFTC’s supervising commissioner, Rostin Behnom, Georgetown University law professor Chris Brumer has rumored Biden’s choice on behalf of the agency’s president. Biden will tap U.S. Treasury Officer and Michigan Ford School of Policy Dean Michael Barr to manage the OCC, which is currently overseen by Blake Paulson.

Active problem

Yellen will primarily oversee the finalization and implementation or possible modification of many proposed rules centered around Finken, which could directly affect the crypto industry.

Is the most controversial Proposed reporting rules Led by former secretary Munuchin, which will require exchanges to record counter-information from transactions to unpaid wallets, the exchanges will have to submit file currency transaction reports for transactions over ড 10,000 per day.

Comment period for rule – Basically only 15 days – Was extended earlier this month, Get different extensions with different directions.

The industry has an additional 15 days to respond to the CTR requirement, which Finsen said matches existing rules for cash transactions.

However, industry participants are getting another 45 days to respond to the counter-requirement, which participants have already said is more difficult to comply with. Finsen said the extended deadline was due to the complexity of the problem.

Read more: The relationship between the US government and Bitcoin has been explained

Other proposed rules considered by Finken include A marginal rule, Which requires banks to collect and store transfer funds for transactions over 250 250 to leave or enter the United States, in Fiat or Crypto.

This is much less than the current limit of at least 3,000. Public comment time for the proposal is already closed.

By the end of 2020, Fincan has announced that foreign bank account holders are required to report cryptocurrency holdings. More than 10,000, Bringing an offshore reporting law that already applies to Fiat in the crypto space.

The status of these rules is unclear.

OCC on the front of domestic banking A rule is final Banks banned non-nding of certain industries, a move that primarily targeted the firearms and energy sectors but which saw the crypto industry as beneficial. However, this rule was not sent to the Federal Register before Biden took office, and one of his first tasks was to freeze all rules from being enforced until his party had reviewed them.

It is Seems impossible This rule will be enforced.

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