President-elect Joe Biden’s candidate to become the US Treasury Secretary on his upcoming presidential term, Janet Yellen, announced on a confirmation hearing this Tuesday that she intends to keep an eye on the role of cryptocurrencies in terrorism financing and other noteworthy criminal activities. According to her, the country should be made aware of the newly-becoming tools that terrorists use to finance their activities. And sadly, cryptocurrencies are particularly one of them.
Answering Senator Maggie Hassan’s particular query regarding crypto’s growing role in terrorist financing, Yellen stated that the methods we are presently using to combat such matters must evolve alongside – if not faster – than the technologies being used to accomplish them. She then added that cryptocurrencies are undeniably a particular and surging matter worthy of heavy concern.
Yellen makes it clear that she believes many cryptos are currently being utilized to finance several illicit activities. Thus, she would be focusing on coming up with varying ways to curtail its utilization in her upcoming stint as the Secretary for the US Treasury.
The former Federal Reserve Chairman has also made it publicly known that she is not a fan of digital currencies, particularly Bitcoin (BTC), as she believes that the asset is not stable enough to store value concretely. Knowing this, the crypto industry is understandably concerned, seeing that Yellen would be overseeing even the new controversial FinCEN monitoring rule that it is actively fighting off right now the moment she takes the seat.