The US Senate officially confirmed now-President Joe Biden’s pick to be the Treasury Secretary, Janet Yellen, for the position this past Monday. Subsequently, the infamous FinCEN ruling that requires exchanges to provide information regarding self-hosted wallets was set back in motion to the crypto industry’s dismay.
As per the agency’s announcement, stakeholders will be given an extra 60 days to respond promptly to their new proposal. Although this may initially appear as good news to the crypto community, considering the stark improvement from the original 15-day comment period it was given for the same proposal, the actual terms and conditions within it weren’t changed at all. This seemingly invalidates the industry’s overflowing suggestions to amend the ruling for the betterment of both parties.
Despite Yellen’s unfavorable views towards cryptocurrencies (Bitcoin particularly), infamously referring to it as a “highly speculative asset” back in 2018, the industry still felt optimistic in her entry as the new Treasury Secretary as they felt as if she has updater her thoughts towards it. While her doubts are still evident, Yellen stated that cryptos might bring significant benefits to the financial system on the recently finalized confirmation process.
This growing positivity towards cryptos is then supplemented by her written testimony wherein she states that it is essential to acknowledge the benefits of digital assets and the potential it has to offer towards the improvement of our current financial system.
However, considering that her very first day as Treasury Secretary sparked the return of the FinCEN ruling that the industry is unanimously against, the crypto community’s optimism towards her stint has seemingly gone down in flames.