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Treasury Secretary Janet Yellen's Surprise Visit to American University to Speak on the Future of Cryptocurrency and the Government’s Role in it. Kalel Carkeek, Impact Investing Intern, American University.

 

Yellen beings with the recently signed Executive Order by President Biden. She states, “digital assets have grown explosively reaching a market cap of $3 trillion last November from $14 billion just five years prior.”

As a student at American University, I find it shocking that this was the first time anyone this big in government has given a speech at my university. Usually, we are overshadowed by our rival Georgetown, but Secretary Yellen made an impact on the students of American with her speech on the future of cryptocurrency.  

Certain cryptocurrencies like Bitcoin have remained volatile, but with USD backed stable coins the application of Central Bank Digital Currencies could be successful. Yellen stresses the importance of responsible innovation guided by the governments six policy objectives:

• Protect consumers, investors, and businesses

• Safeguard financial stability from systemic risk

• Mitigate national security risks

• Promote US leadership and economic competitiveness

• Promote equitable access to safe and affordable financial services

• Support responsible technological advances

We all see the growth of cryptocurrency, and with newer generations spearheading the use of technology, cryptocurrency will soon be the future of money. No more outdated paper bills and going to the bank to get your money. 

American University prides itself on teaching the future “changemakers,” and Secretary Yellen’s inspires us to do just that. 

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