Biden’s Treasury Secretary nominee calls cryptocurrencies a ‘particular concern’ for AML
Janet Yellen, a previous leader at the Federal Reserve and Joe Bidens pick for Treasury Secretary, is still suspicious of crypto as a risk for illicit financing. In a virtual hearing of the U.S. Senate Finance Committee held today, Yellen dealt with concerns on combating the funding of terrorism, or CFT, from Democratic Senator Maggie Hassan from New Hampshire. Hassan asked Yellen how she would react as Treasury Secretary to “emerging monetary technology” utilized to money criminal companies and terrorists. The Democratic senator called cryptocurrencies a “growing issue” and asked Bidens choice how she would handle CFT.” We require to make certain that our techniques for dealing with these matters– with terrorist funding– modification together with changing technology,” said Yellen. She included:” Cryptocurrencies are a particular concern. I believe lots of are utilized at least in a transaction sense generally for illicit financing and I think we really need to take a look at ways in which we can curtail their use and make sure that anti-money laundering does not happen through those channels.” Yellen, the former chair of the Federal Reserve under U.S. President Barack Obama, has actually been rather quiet on her views surrounding the crypto space considering that calling Bitcoin “anything but useful” in October 2018. She left her position as Fed chair in early 2018 following the 2017 bull run which drove Bitcoin to a then all-time high.If authorized by the Senate, Yellen would be the very first lady to act as Treasury Secretary, changing Steve Mnuchin.This story is establishing and will be updated.Title: Bidens Treasury Secretary candidate calls cryptocurrencies a specific concern for AMLSourced From: cointelegraph.com/news/biden-s-treasury-secretary-nominee-calls-cryptocurrencies-a-particular-concern-for-amlPublished Date: Tue, 19 Jan 2021 19:01:48 +0000
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