Fun

US Treasury Secretary Janet Yellen Says ‘the Misuse of Cryptocurrencies Is a Growing Problem’

News Feed - 2021-02-13 02:02:31

US Treasury Secretary Janet Yellen Says "the Misuse of Cryptocurrencies Is a Growing Problem"


Janet Yellen, the new U.S. Treasury Secretary, has warned about “a growing problem” from “the misuse of cryptocurrencies.” She emphasized that “cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism.” Janet Yellen Warns of Cryptocurrency Risks


The U.S. Department of the Treasury hosted its inaugural Financial Sector Innovation Policy Roundtable on Feb. 9 and 10. “The Roundtable brought together policymakers and regulators with experts from the private sector to exchange views for collaborating on policy issues and innovative technologies,” the department described.


Treasury Secretary Janet Yellen briefly talked about cryptocurrencies during her opening remarks at the event. “We’re living amidst an explosion of risk related to fraud, money laundering, terrorist financing, and data privacy. As the pandemic has moved more of life online, crime has moved with it,” she opined. One of the problems she outlined concerns cryptocurrency.


Yellen asserted: The misuse of cryptocurrencies and virtual assets is a growing problem, too. I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism.


“From my time at the Fed, I know the crucial role your institutions play in combating crimes like these,” she told the event participants. “The private sector invests enormous resources, finding ways to stop bad actors from misusing existing technologies. You also develop new ones.”



At her Senate confirmation hearing, Yellen caused quite a stir in the crypto community by saying that cryptocurrencies are “mainly for illicit financing.” However, a report by blockchain analytics firm Chainalysis shows that only 0.34% of all crypto transactions last year were related to criminal activities. Many also pointed out that the majority of money laundering activities are done via fiat currencies, particularly the U.S. dollar.


Yellen subsequently clarified her position regarding cryptocurrencies and promised “effective” crypto regulation. Meanwhile, the pro-bitcoin U.S. Senator Cynthia Lummis has talked to Yellen about cryptocurrencies and is planning to convince the Treasury Secretary that bitcoin is “a great store of value.”


What do you think about what Yellen said about cryptocurrencies? Let us know in the comments section below. Bitcoin ETF Approved: First North American Bitcoin ETF Set to Trade on Toronto Stock Exchange REGULATION | 2 hours ago Miami Going Full Bitcoin: City Supports Efforts to Hold Bitcoin in Treasury, Allow Tax Payments in BTC REGULATION | 4 hours ago Tags in this story fed crypto, illicit financing, Janet Yellen, janet yellen bitcoin, janet yellen crypto, janet yellen cryptocurrencies, janet yellen cryptocurrency, Treasury Secretary


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

India’s Central Bank RBI Still Has ‘Serious Concerns’ About Cryptocurrency
India"s Central Bank RBI Still Has "Serious Concerns" About Cryptocurrency The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has once again expressed concerns regar
Elon Musk: Bitcoin Will Make It — Dogecoin to the Moon
Elon Musk: Bitcoin Will Make It — Dogecoin to the Moon Tesla CEO and Twitter chief Elon Musk has made bullish statements about bitcoin and dogecoin despite crypto market sell-off
Tom Mitchelhill5 hours agoOptimism OP token slips 10% in week ahead of $30M token unlockOptimism slid as much as 10% in the week leading up to a scheduled token unlock that will see 24 million OP tokens released onto the
Ana Paula Pereira12 hours agoShibarium denies bridge issues, calls it FUDShytoshi Kusama, co-founder of the Shiba Inu ecosystem, blamed a massive influx of transactions and user activity for technical difficulties on Shi
Magic Eden Launches Bitcoin Ordinal Inscription Market, Partners With Hiro, Xverse to Bolster Support
Magic Eden Launches Bitcoin Ordinal Inscription Market, Partners With Hiro, Xverse to Bolster Support On Monday, the non-fungible token (NFT) marketplace Magic Eden announced the l
Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions
Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions Famous for its favorable business climate that has attracted hundreds of crypto c
BTC price demands $63K flip as BlackRock CEO calls Bitcoin ‘legitimate’
William Suberg7 hours agoBTC price demands $63K flip as BlackRock CEO calls Bitcoin ‘legitimate’BTC price holds its weekend gains as Larry Fink confirms that he is no longer a Bitcoin “skeptic.”4704 Total views12
Turner Wright4 hours agoFTX claims portal becomes unavailable shortly after going liveUsers affected by the bankruptcy of FTX or certain subsidiaries have the option of filing a proof-of-claim through Kroll’s online cu
Dogecoin Sets The Stage For A Liftoff With Key Reversal Pattern
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Budweiser Launches 1,936 NFT Cans, Bud-Themed Marketplace Gets Bogged Down With Traffic
Budweiser Launches 1,936 NFT Cans, Bud-Themed Marketplace Gets Bogged Down With Traffic The popular American-style pale lager produced by Anheuser-Busch, Budweiser announced on Nov
Santander UK Limits Cryptocurrency Exchange Transactions, Bank Says Investing in Crypto ‘Can Be High Risk’
Santander UK Limits Cryptocurrency Exchange Transactions, Bank Says Investing in Crypto "Can Be High Risk" On Nov. 3, Santander UK, the subsidiary of the Spanish financial giant Ba
South Korean PC Gaming Rooms Rely on Crypto Mining to Profit During the Coronavirus Pandemic
South Korean PC Gaming Rooms Rely on Crypto Mining to Profit During the Coronavirus Pandemic The coronavirus pandemic has significantly hit several entertainment