Kevin McCarthy, the leader of the Republican minority in the US House of Representatives, has alluded to the policies of the head of the US Federal Reserve (Fed) and the US Treasury Department, regarding their handling of the issues of secrecy and stating that they may need to re-evaluate their positions.
Speaking on CNBC’s Squawk Box, host Joe Kernen asked the Republican if either Treasury Secretary Janet Yellen or Fed Chairman Jerome Powell fully understood “digital currencies or Bitcoin.”
Regarding Bitcoin (BTC), McCarthy claimed that both officials “tried to ignore it”, urging those in government to see the possibilities of encryption.
They should not ignore Bitcoin
“Bitcoin shows the future,” McCarthy said. “They should not ignore it. Not only should they learn more about it, but the market will continue to grow.”
He also stressed that the rulers should understand its importance for the future as other countries, such as China, are already moving in this direction. Finance Minister Janet Yellen in January referred to the cryptocurrencies as “worrying” to the United States and said the government should consider ways to “limit” their use as part of its anti-money laundering efforts. Jerome Powell, who has served as Fed chairman for three years, appeared to be defending Yellen’s position on cryptocurrencies last month, saying Bitcoin was “backed by nothing” and too volatile to be useful as a fixed value. .
