Janet Yellen Reveals Plans For Bitcoin – Sees Cryptocurrencies Used primarily For Illegal Financing – Bitcoin News Regulation

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

Janet Yellen Reveals Her Plans For Cryptocurrencies

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

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

“A bipartisan National Defense Authorization Act passed earlier this month and included a provision led by Senator Warner and established an advisory group with the Treasury to counteract new ways in which terrorists are using emerging financial technology, ”He began. “One area of ​​increasing concern, for example, is the potential for terrorists and criminals to use cryptocurrency to fund their activities.”

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

Yellen replied: “Senator, I think you are right that the technologies to deliver this change are over time and we need to ensure that our approaches to dealing with these issues with technology terrorists fund change along with changing technology. ” The new Treasury Secretary elaborated:

Cryptocurrencies are a particular concern. I think that many are used, at least in a transactional sense, mainly for illegal financing and I think we really need to explore ways in which we can reduce their use and make sure anti-money laundering (sic) is not occur through those channels.

Bitcoiners Respond to Yellen Comments

Following Sen. Yellen’s testimony, the crypto community highlighted several flaws in its statements. Russell Okung, the pro football star who recently became the first NFL player to be paid in bitcoin, said: “Sec Treasure nominee Yellen says bitcoin is a concern for terrorist financing, money laundering … as if it were not USD. Don’t be distracted. Old things die, fight for your future. ”

Dan Held, Growth Leader at the Kraken crypto exchange, tweeted: “0.3% of all cryptocurrency activity in 2020 was illegal. 90% of US dollars have cocaine on them. Which is ‘used by the bad guys’ again? ”

Morgan Creek Digital’s partner, Anthony Pompliano, similarly described it: “Janet Yellen today noted that cryptocurrencies are a concern due to terrorist funding and money laundering. He forgot to mention that the US dollar is the criminality of choice criminals worldwide. He added:

The big banks are laundering more money than the entire bitcoin market cap.

Some people referred to the “bitcoin sign guy,” which rose to fame when he caught a sign that “bought bitcoin” behind Yellen as he testified at a previous Senate hearing as chairman of the Federal Reserve. She may have “missed the signal,” some bitcoiners suggested. Ivan on Tech tweeted on Wednesday: “Janet Yellen promises to go after bitcoin in a recent interview. She is still salty for that bitcoin token event. “

Yellen is not the only one recently suggesting that most crypto activities are for illegal purposes. Last week, the European Central Bank (ECB) president, Christine Lagarde, said that bitcoin “carried on some funny business and some interesting and understandable money laundering activity.” However, a famous economist quickly contradicted him, calling the ECB’s head of statement “absolutely disgusting when we all know that the vast majority of money laundering globally is conducted in fiat currency, especially in US dollars and euros. ”

What do you think of Janet Yellen’s cryptocurrency comments? Let us know in the comments section below.

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