Janet Yellen was recently accused of bribery. The Treasury Secretary of the United States has been accused of accepting speaking fees’ from banks. The Secretary of the Treasury filed an earnings restricted declaration, revealing that Yellen had received millions of dollars in speaking fees from various institutions. Citadel hedge fund and CitiBank each contributed $7.2 million in speaking fees.
The rate at which Yellen was being compensated for these speaking engagements was concerning. As a result, Bitcoin enthusiast Bruce Fenton pointed out the profits. Fenton rushed to Twitter to share a screenshot of Yellen’s earnings statement. In addition, the amounts paid to the Secretary by banks were noted.
Citadel alone paid Yellen nearly $7 million, according to the totals. For just three days of lecturing, Yellen received $450,000 from City National. Investors accuse Yellen of accepting bribes from banks in the form of speaking fees in order to assist them in their efforts to combat the DeFi space.
Janet Yellen’s net worth is now estimated to be at $20 million. With banks paying her so much for’speaking fees,’ a single bank pays one-third of Yellen’s total net worth.
People are persuaded that Yellen is now working for the banks because of the amount of speaking fees she receives from them. This is exacerbated by Yellen’s decision to outlaw decentralised financing (DeFi). A major competitor to established banks.
People have begun to transfer their funds to DeFi. Instead of depositing their money in a bank savings account. DeFi’s greater yields substantially outweigh the percentage of return offered by banks. As a result, investing savings in decentralised finance services is more appealing to customers.
If passed, the Warner-Portman amendment, which is supported by Yellen, would make smart contract coders accountable as brokers. This would have a negative impact on DeFi services offered in the crypto industry. And this would be a devastating blow to the DeFi market.
However, the banks would be the big beneficiaries in this. People would no longer be able to invest in the decentralised finance area as a result of this. Because smart contract coders do not want to be held liable as brokers. The DeFi market would be effectively crippled as a result of this.
Crypto enthusiasts would have to combat things like this head-on. The market is usually removed from politicking in the past. But with each passing day, it becomes clearer that for the space to survive, investors would have to get involved in the politics behind this. If there is to be any hope to save the DeFi space.
This would imply a contest for their votes if applicable. Voting for candidates who understand the cryptocurrency economy. And not charging banks ‘speaking fees’ to assist them further their objectives. It also means that crypto investors will have to pay ‘speaking fees’ to persons in authority in order to prevent harmful bills from being passed.