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Biden plans to nominate Janet Yellen for Treasury secretary

The Biden team looks to Janet Yellen to lead the next administration's economic policy.

According to a Wall Street Journal exclusive published on Nov. 23, Joe Biden team plans to nominate former Federal Reserve Chairwoman Janet Yellen to become the next Treasury secretary.

As reported by cointelegraph, in a term that lined up with a huge expansion of public knowledge of cryptocurrencies and ended right after Bitcoin’s dramatic 2017 bull run, Yellen was frequently critical of the space, calling Bitcoin “anything but useful” in October of 2018.

However, changed extremely in just two years. At the end of 2017, Yellen dismissed the notion that the Fed was looking into issuing a digital dollar. At the same time, over the course of 2020, the Fed clearly began taking that prospect seriously.

Yellen seems to have been quiet on crypto since leaving the Fed and going to work for a think tank. Where she stands now remains to be determined.

If approved by the Senate, Yellen would be the first woman to serve as Treasury Secretary. She is widely seen as a qualified candidate, though recent public statements suggest she would be much more willing to develop spending than current secretary Steven Mnuchin, who recently drew criticism for ending some emergency lending programs.

The Treasury has increasingly engaged with crypto over the last year. Bureaus within the Treasury include the Financial Crimes Enforcement Network, the IRS, and the Office of the Comptroller of the Currency.

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