Janet Yellen Reveals Plans For Bitcoin – Sees Cryptocurrencies Used Primarily For Illicit Funding – Bitcoin News Settlement



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Janet Yellen, Joe Biden’s choice for Treasury Secretary, has revealed his policy on cryptocurrencies, including bitcoin. She claims that cryptocurrencies are primarily used for illicit financing and their use should be reduced.

Janet Yellen reveals her plans for cryptocurrency

During the Senate hearing to consider Janet Yellen’s appointment as Secretary of the Treasury on Tuesday, Yellen was asked about cryptocurrencies. She is Joe Biden’s choice to head the Treasury Department under his administration.

The crypto question was posed by Senator Maggie Hassan (D-NH), who spoke about “the importance of treasury programs in combating the financing of terrorists and criminal organizations”. She said she 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 the Treasury to counter new ways terrorists use financial technology emerging, ”she began. “An area of ​​growing concern, for example, is the possibility for terrorists and criminals to use cryptocurrency to finance their activities.”

Senator Hassan continued his question: “So, Dr. Yellen, can you describe some of these new technological concerns and how the Treasury should combat new forms of terrorism 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 of dealing with these issues with the tech terrorists fund the change with the technology. ‘evolution of technology. ” The new Treasury secretary explained:

Cryptocurrencies are of particular concern. I think a lot of them are used, at least in the transaction sense, mainly for illicit financing and I think we really need to look at ways to reduce their use and make sure that the fight against money laundering (sic) does not occur through these channels.

Bitcoiners Respond to Yellen’s Remarks

Following Yellen’s testimony in the Senate, the crypto community pointed out several flaws in his statements. Russell Okung, the professional football star who recently became the first NFL player to be paid in bitcoin, commented: “Treasury Sec candidate Yellen says bitcoin is a concern for terrorist financing, money laundering money… as if the USD isn’t. Don’t be distracted. The things of old are dying, fight for your future.

Dan Held, Head of Growth at Kraken Crypto Exchange, pointed out: “0.3% of all cryptocurrency activity in 2020 was illicit. 90% of US dollars contain cocaine. Which one is “used by the bad guys” again? “

Anthony Pompliano, Morgan Creek Digital partner, similarly described: “Janet Yellen said today that cryptocurrencies are of concern due to terrorist financing and money laundering. She forgot to mention that the US dollar is the currency of choice for criminals around the world. ” He added:

The big banks launder more money than the total market cap of bitcoin.

Some people have referred to the ‘bitcoin sign guy’, who rose to fame by holding up a sign that read ‘buy bitcoin’ behind Yellen, as she testified in a previous Senate hearing as chair of the Federal Reserve. Maybe she “missed the sign,” some bitcoiners have suggested. Ivan on Tech tweeted Wednesday: “Janet Yellen promises to take on bitcoin in a recent interview. She’s still salty for this Bitcoin sign incident.

Yellen isn’t the only one to suggest recently that most crypto activity is for illicit purposes. Last week, the President of the European Central Bank (ECB), Christine Lagarde, said that bitcoin “had carried out some fun and interesting and totally reprehensible affairs and money laundering activities”. However, a famous economist quickly contradicted her, calling the ECB chief’s statement “utterly outrageous when we all know that the vast majority of money laundering in the world is carried out in fiat currencies, particularly in US dollars and euros.

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

Tags in this story

Bitcoin Regulation, Crypto Regulation, Cryptocurrency Regulation, Janet Yellen, Janet Yellen Bitcoin, Janet Yellen Btc, Janet Yellen Crypto, Janet Yellen Cryptocurrency, Joe Biden, Secretary of the Treasury, Bitcoin Regulation in the United States

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