Breaking: US Treasury Secretary Janet Yellen Set For Departure
Treasury Secretary for the Biden administration is set to leave the government after the midterms. Axios reports that Yellen’s departure can start a massive shuffle in the President’s economic team.
The United States of America is currently going through a macroeconomic crisis. Market participants have criticized Yellen due to her underestimating the financial situation.
Janet’s departure after the midterms is still unclear. Any potential candidate for a cabinet position needs to be confirmed by the Senate. The midterm elections will dictate which political party will control the legislative body after November 8th. If the Republicans control the Senate after the elections, it can hamper the administration’s plan for a reshuffle.
Polls currently show the President’s democratic party in the lead for the Senate race.
The Impact Of Janet Yellen On Crypto
The US Treasury is an important position for the potential crypto adoption in the US. The Office of Foreign Assets Control was recently in news due to the censoring of crypto mixing service, Tornado Cash. The OFAC is a part of the US Treasury and it censored Torndao because of alleged money laundering activities.
Yellen has also made some anti-crypto comments. She advised against the use of Bitcoin as a part of retirement savings. In another speech, she highlighted the various risks associated with crypto technology. During the crypto winter, she highlighted the need for crypto regulation after the Terra-LUNA crash.
Yellen also plays an important role in the macro economy of the country. In a recent comment, Yellen states that she does not see any erratic market function. Market participants were not happy due to her statements as the economy continues to struggle with the dual threat of a recession and inflation.
Who Can Be The Successor?
Axios reports that Commerce Secretary Gina Raimondo and Vice Chair of the Federal Reserve Lael Brainard can be the potential successors to Yellen. It remains unclear whether their appointment will help the crypto community.
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- BitMine’s Tom Lee Calls Dip Golden Opportunity as Trump Sets Meeting With China on U.S. Tariffs
- Pi Network Set for Massive Growth as App Studio Upgrade Expands Pi Coin Utility
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
- 3 Altcoins Defying the Market Momentum In October 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
