Janet Yellen Reveals Plans for Bitcoin — Sees Cryptocurrencies Used Mainly for Illicit Financing – Regulation Bitcoin News

Janet Yellen, Joe Biden’s pick for the Treasury Secretary, has revealed her policy for cryptocurrencies, including bitcoin. She claims that cryptocurrencies are mainly used for illicit financing and their use needs to be curtailed.

Janet Yellen Reveals Her Plans for Cryptocurrencies

In the Senate hearing to consider Janet Yellen’s nomination as Secretary of the Treasury on Tuesday, Yellen was asked about cryptocurrencies. She is Joe Biden’s pick to lead the Treasury Department under his administration.

The crypto question was asked by Senator Maggie Hassan (D-NH), who talked about “the importance of treasury programs to combat the financing of terrorists and criminal organizations.” She said she had raised the issue in previous hearings with Treasury Secretary Steven Mnuchin.

“The bipartisan National Defense Authorization Act passed earlier this month and it included a provision led by Senator Warner that established an advisory group with Treasury to counter new ways that terrorists use emerging financial technology,” she began. “One area of growing concern, for example, is the potential for terrorists and criminals to use cryptocurrency to finance their activities.”

Senator Hassan proceeded with her question: “So Dr. Yellen, can you outline some of these emerging technological concerns and how Treasury should combat new forms of terrorists and criminal financing?”

Yellen replied: “Senator, I think you are absolutely right that the technologies to accomplish this change over time and we need to make sure that our methods for dealing with these matters with tech terrorists financing change along with changing technology.” The incoming Treasury Secretary elaborated:

Cryptocurrencies are a particular concern. I think many are used, at least in a transactions sense, mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering…

Read More