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Janet Yellen Is Confirmed as the Treasury Secretary Under the Biden Administration

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.

“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. 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.”
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