Against the background of the discussion of the infrastructure bill in the United States, Bruce Fenton expressed the opinion that the position of Treasury Secretary Janet Yellen is financially motivated by large banks.
Former head of the US Federal Reserve, Janet Yellen, has been indicted by cryptocurrency activist Bruce Fenton. Fenton is the CEO of Chainstone Labs and a reputable financial advisor. Since 1994, he has headed the management company Atlantic Financial, which he founded. In addition, Fenton served as the director of the Bitcoin Foundation prior to the actual collapse of the organization.
On August 4, several US senators proposed an amendment to the infrastructure bill that would clarify the language related to cryptocurrencies.
The amendment proposes change the definition of a broker in the bill, which will likely allow many players in the crypto industry to avoid additional reporting requirements.
US Treasury Secretary Janet Yellen, known for her extreme skepticism of digital assets, has spoken out against. She holds the position that the misuse of cryptocurrencies and digital assets is becoming a growing problem in the United States.
On Twitter, Fenton actually accused US Treasury Secretary Janet Yellen of corruption and lobbying for the interests of large banks.
Here’s Secretary Janet Yellen’s partial disclosure of what she describes as speaking fees.
Citi is highlighted in blue.
Citadel highlighted in green.
Since much of America was locked down in 2020, those speeches are almost all Zoom calls, done from her home.
$7.2 million total. pic.twitter.com/ukaxdh0I3Q– Bruce Fenton @ brucefenton (@brucefenton) August 7, 2021
The accusation is based on the analysis of the report on the disclosure of financial information on the income of civil servants. It follows that Janet Yellen received $ 7.2 million in “speaking fees” from CITI Bank and Citadel hedge fund. The report also includes fees from other banks such as Barclays, BNP, UBS and others.
Fenton suggested that Yellen’s position and her negative attitude towards the cryptoindustry was financially motivated by competing financial structures.
“She serves her real employers – the banks, not the US government,” says Ron Hammond, director of government relations at the Blockchain Association:
“Public pressure is intensifying as more and more senators privately express their concerns to us about the text of the bill. The Treasury Department is doing its best to repeal the Wyden Amendment. The general policy of the bill could force Senator Schumer to reject the amendments altogether. ”
The bill proposes to introduce tough rules for companies working with cryptoassets. Expand reporting requirements for brokers and mandate reporting of digital asset transactions over $ 10,000 to the IRS. Blockchain Association, Coinbase, Coin Center, Ribbit Capital and Square also
express extreme concern about the digital assets provision included in the infrastructure bill.
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