The U.S. Department of the Treasury hosted its inaugural Financial Sector Innovation Policy Roundtable. With Treasury Secretary Janet Yellen speaking at the event.
In her opening remarks Yellen expressed her concerns. Saying “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.”
Yellen continued on, noting her concerns with cryptocurrencies while also acknowledging its promising potential. “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. The private sector invests enormous resources, finding ways to stop bad actors from misusing existing technologies. You also develop new ones.”
Janet Yellen: Cryptocurrencies Are ‘Mainly For Illicit Financing’
These remarks follow Yellen’s words at her confirmation hearing in January which undoubtedly caused some concerns within the crypto industry. Yellen said that cryptocurrencies are ‘mainly for illicit financing,’ but a report from Chainalysis shows that just 0.34% of crypto transactions in 2020 were related to criminal activity.
Furthermore, other Bitcoin advocates believe that growth in the crypto markets means illicit transactions will be play a smaller role in the industry. They also note that government criticism is hypocritical as the majority of money laundering activities are done via fiat currency, namely the U.S. dollar.
Yellen has since, clarified her position and promised that there would be effective crypto regulation in the United States.
All of this comes in the midst of an increased surge in interest in crypto following the news of Tesla investing $1.5 billion in Bitcoin earlier this week. This cause the price of Bitcoin to reach new all-time highs of above $48,000.
Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.
YEREVAN (CoinChapter.com) – The total crypto market capitalization continues to fall to new low levels for almost a year....
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.