Janet Yellen Talks 'Benefits' From Crypto And Its Significant Role' In Americans' Investment Decisions

United States Treasury Secretary Janet Yellen has acknowledged that the cryptocurrency industry has grown by “leaps and bounds.”

What Happened: In a recent interview with CNBC’s Squawk Box, Yellen noted that cryptocurrencies are now playing a "significant role" in the investment decisions of lots of Americans.

“It’s now playing a significant role, not really so much in transactions, but in investment decisions of lots of Americans,” she said.

The Treasury Secretary also said that she still has some skepticism around cryptocurrencies over concerns around financial stability, consumer protection, and the use of cryptocurrency for illegal transactions.

“On the other hand, there are benefits from crypto and we recognize that innovation in the payment system can be a healthy thing," said Yellen.

Earlier this month, a leaked press release from the Treasury’s office revealed details of the department’s planned response to President Biden’s executive order on cryptocurrencies. 

Biden’s executive order calls for a coordinated and comprehensive approach to digital asset policy, which would support responsible innovation and could result in “substantial benefits for the nation, consumers and businesses,” stated the release.

Price Action: The crypto market saw a 5.37% increase over 24 hours early Monday, with the global cryptocurrency market cap climbing above $2.13 trillion.

According to data from Benzinga Pro, Bitcoin BTC/USD was trading at $47,000, up 5% in the last 24 hours. Ethereum ETH/USD was trading at $3,300, up 5.7% over the same period.

Photo: Courtesy of European Central Bank via Flickr