As a result of the vote on Monday in the U.S. Senate, Janet Yellen will become the new Secretary of the Treasury Department.
This was confirmed earlier today when Yellen had 76 votes in favor and 12 against, which is sufficient to confirm her victory.
Yellen was previously a chairwoman of the U.S. Federal Reserve. She is now the first woman to lead the U.S. central bank and the first person appointed to lead the Treasury Department.
She will have to take over a series of issues, which include the economic problems that resulted from the COVID-19 pandemic.
Of course, Yellen is also to play a role in how the U.S. oversees the crypto industry. Important topics that she’ll supervise include the tightening of the AML/KYC rules for crypto wallets that the previous administration proposed but also the implementation of rules for exchanges that were put forward by the FATF.
When she spoke about crypto, Yellen mentioned both its risks and its potential benefits.