Janet Yellen, chosen by Joe Biden as Secretary of the Treasury, revealed her cryptocurrency policy, including Bitcoin. She claimed that cryptocurrency is mainly used for illegal financing and needs to be used less.
Janet Yellen reveals her cryptocurrency plan
In a Senate hearing on Tuesday, considering the nomination of Janet Yellen as Secretary of the Treasury, Yellen was asked about cryptocurrencies. She is Joe Biden’s first choice to lead his Treasury Department.
Senator Maggie Hassan (D-NH) raised the issue of cryptocurrency. He talked about the importance of “financial plans for the fight against terrorists and criminal organizations to raise funds.” She said that she had previously This issue was raised at a hearing with Secretary of the Treasury Steven Mnuchin.
She said: “The national defense authorization bill of the bipartisan coalition was passed earlier this month and includes a clause led by Senator Warner, which established an advisory group with the Treasury Department to combat new ways terrorists use emerging financial technologies. “For example, one area of increasing concern is the potential for terrorists and criminals to use cryptocurrency to fund their activities.”
Senator Hassan continued her question: “Then Dr. Yellen, can you outline these emerging technological issues and how the Treasury Department should combat new forms of terrorist and criminal financing?”
Yellen replied: “Senator, I think the technology to achieve this change is absolutely correct. We need to ensure that with the funding of technical terrorists, our approach to these problems will also change with the changes in technology.” The then Minister of Finance elaborated:
Cryptocurrency is a particular concern. I think that, at least in the transaction sense, many of them are used for illegal financing, and I think we really need to study ways to reduce their use and ensure that anti-money laundering does not occur through these means. channel.
Bitcoiners react to Yellen’s comments
After Yellen’s Senate testimony, the cryptocurrency community pointed out some flaws in her statement. Russell Okung, a professional football star, recently became the first NFL player to earn bitcoin revenue. He commented: “The candidate nominated by the Ministry of Finance, Yellen, said that bitcoin is a terrorist financing and money laundering The problem…as if the dollar is not. Don’t be distracted. The old things are over, fight for the future.”
Dan Held, head of growth at the crypto exchange Kraken, pointed out: “0.3% of all cryptocurrency activity in 2020 is illegal. 90% of cocaine has cocaine on it. Which one is used by “bad guys” again?”
Morgan Creek Digital partner Anthony Pompliano also described: “Janet Yellen today stated that cryptocurrency is related to terrorist financing and money laundering. She forgot to mention that the U.S. dollar is the currency of choice for criminals in the world.” Added:
The money laundered by large banks exceeds the market value of the entire Bitcoin.
Someone mentioned a “bitcoin signatory”. When he testified as the chairman of the Federal Reserve in a former Senate hearing, he held up a slogan marked “Buy Bitcoin” behind Yellen and became famous. Some bitcoiners suggested that maybe she “missed the signal.” Ivan on Tech tweeted on Wednesday: “Janet Yellen promised in a recent interview to chase Bitcoin. She is still very salty about the Bitcoin logo incident.”
Yellen is not the only one suggesting that most recent encryption activities are for illegal purposes. Last week, the President of the European Central Bank (ECB) Christine Lagarde stated that Bitcoin “has carried out some interesting businesses and carried out some interesting and completely condemned money laundering activities.” However, A well-known economist quickly contradicted her, saying that the ECB President’s statement was “absolutely incredible, because we all know that the vast majority of money laundering activities in the world are carried out in legal tender, especially the U.S. dollar. And euros.”
What do you think of Janet Yellen’s cryptocurrency speech? Let us know in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article or related thereto.