The U.S. Senate voted 84 to 15 on Monday, confirming Janet Yellen as the Treasury Secretary. She is the first woman ever to be selected for this role.
Last week, Yellen received a nod from the Senate Committee on Finance for the role of Secretary of Treasury. Showing bipartisan support, the Senate Committee on Finance gave their approval for Yellen’s nomination as Treasury Secretary.
The General Consensus
Republicans said that they backed her despite the disagreement among the fellow Republicans regarding Yellen’s policy stances. The general consensus among Republicans is that Yellen is excellently well-qualified for the role of Treasury Secretary.
Yellen Sworn in as Treasury Secretary
Yellen became the first woman to hold the position of Treasury Secretary after the U.S. Senate voted 84 to 15 in her favor. Her confirmation made Yellen the 78th Secretary of the Treasury. She has created another history as she is the second person ever who has served as both the Treasury Secretary and Federal Reserve Chair.
A Key Member of Cabinet
With her confirmation as a Treasury Secretary, Yellen has become an important member of President Biden’s Cabinet. She will act as a principal advisor on fiscal policy and economic issues in the cabinet.
The most stressing issue in front of Yellen is the Covid-19 crisis. Even during her Senate confirmation hearing, she reiterated that it’s time for big action on the COVID crisis. She said:
“Economists don’t always agree, but I think there is a consensus now: Without further action, we risk a longer, more painful recession now — and long-term scarring of the economy later.”
Yellen on Cryptocurrencies
There are mixed reactions from the crypto industry when it comes to Yellen’s confirmation as Treasury Secretary. The reason behind this is that her recent statement on cryptocurrencies has played a spoilt sport for the crypto world.
She has called Bitcoin and other digital currencies an important innovation that will optimize global financial transactions. But at the same time, she has raised concerns about the role of cryptocurrencies in illicit financing and money laundering recently.
Why are Crypto Enthusiasts Holding their Breath?
The crypto industry was under heavy pressure during the final days of the Trump administration. It all started with then-Treasury Secretary Steven Mnuchin’s increasing efforts to fast track the regulations targeting self-hosted crypto wallets. Thus, the crypto industry is wary of what is in the store for them under the Biden administration.
A General Freeze – The Sigh of Relief for the Crypto Industry
With a general freeze on all federal-agency rulemaking, President Biden effectively blocked several Trump-era policies from advancing. The general freeze also blocked the proposed crypto wallet regulation.
What’s Ahead for the Crypto Industry?
The crypto industry is keeping a close watch on the steps that the Biden administration will take on the cryptocurrencies. If the fears about the harsh actions from the Biden administration on cryptocurrency subside, we will see more institutional institutions joining the crypto bandwagon.