Joe Biden’s team is reportedly eyeing the former Federal Reserves’ lead, Janet Yellen, as the next administration’s secretary for the US Treasury – becoming the first woman ever to serve on the precise position. This is a tough task to follow on, considering that she would be responsible for navigating the nation through the adverse economic effects amidst the ongoing coronavirus pandemic. That being said, Biden and his team believe that Yellen is more than capable of doing just that.
Former President Barack Obama appointed Yellen as the Fed’s lead figure in 2014. She served four years – up until early 2018. Once confirmed as the new administration’s Treasury secretary, Yellen would have direct supervision over 12 separate offices that notably include the Domestic Finance, which has an indirect but still-significant role in determining the future of cryptocurrencies. And that precise reason is what irked several crypto personalities, knowing that Yellen is an admittedly Bitcoin critic. Last October 2018, she outright stated that cryptos are “anything but useful.”
However, it is worth noting that things have dramatically changed in the past two years. At the beginning of 2018, Yellen and the Fed openly disregarded the very concept of establishing a digital dollar. Now, two years forward, the Fed itself is seemingly the one taking the lead in exploring the same prospect. As crypto-opposed as she was when she was still in position in the Fed, Yellen has notably been quiet regarding cryptos ever since she departed from the team. Whether she now sees the potential of cryptocurrencies or still in opposition to it is yet to be determined.