<p>Janet Yellen, the former chairwoman of the U.S. Federal Reserve, moved one step closer to becoming the Biden administration's Treasury Secretary on Friday morning.</p> <p>The Senate Finance Committee unanimously cleared Yellen's nomination, setting the stage for a full floor vote. Such a vote may come as soon as Friday afternoon based on the pace of confirmations for U.S. President Joe Biden's Cabinet nominations. Yellen is likely to clear a full vote given the 26-0 committee vote.</p> <p>Assuming Yellen takes the helm at Treasury, she will oversee a government department that has grown its regulatory footprint in the crypto space in recent years.</p> <p>Yesterday, written testimony published by the Senate indicated that Yellen may take a middle-of-the-road approach to her department's crypto oversight, arguing that the U.S. government should be mindful of both potential benefits and risks.</p> <p>"Bitcoin and other digital and cryptocurrencies are providing financial transactions around the globe. Like many technological developments, this offers potential benefits for the U.S. and our allies," <a href="https://www.theblockcrypto.com/linked/92028/yellen-treasury-senate-cryptocurrencies" target="_blank" rel="noopener noreferrer">she wrote</a>. "At the same time, it also presents opportunities for states and non-state actors looking to circumvent the current financial system and undermine American interests. For example, the Central Bank of China just issued its first digital currency."</p>