U.S. President Joe Biden’s nominee for Treasury Secretary, Janet Yellen, revealed her concern on the use of crypto for illicit financing. Speaking at a confirmation hearing with the U.S. Senate Finance Committee earlier this week, Yellen talked about the possibility of cryptocurrency becoming a tool for terrorist funding.
Speaking further, she urged the government to “curtail” crypto use and ensure that there is no anti-money laundering during crypto transactions.
Yellen has given a more explicit explanation of her view on digital assets. After stating that cryptocurrencies are cable of improving the efficiency of the financial system, she added that:
“At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten U.S. national security interests and the integrity of the U.S. and international financial systems.”
She advised that the crypto assets should be curtailed to serve only legitimate purposes. Yellen also added that she would be working with the Federal Reserve Board and other regulators to provide a regulatory framework for digital assets and other fintech innovations.
Yellen’s appearance before the U.S. Senate Finance Committee to discuss her nomination as the Treasury Secretary was scheduled for the 22nd of January, Citing congressional sources, Reuters said in a report that Yellen could be confirmed to her nominated post on the day of the meeting.
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