Janet Yellen, Joe Biden’s selection for Secretary of the Treasury, was speaking at a Senate Finance Committee hearing, when she said that cryptocurrencies are “a particular concern” in relation to criminal activity and terrorist financing.
According to her:
I think many (cryptocurrencies) are used, at least in a transaction sense, mainly for illicit financing. And I think we really need to examine ways in which we can curtail their use, and make sure that anti-money laundering (sic) doesn’t occur through those channels.Janet Yellen
This is not the first time that old politicians have had this misconceptions about the crypto currency industry. She may believe cryptocurrencies are used “mainly for illicit financing” but all of the data available says otherwise. Chainalysis recently published report proves this.
According to Janet Yellen
The technologies to accomplish this change over time and we need to make sure that our methods for dealing with these matters, with tech terrorist financing, change along with changing technology, cryptocurrencies are a particular concern.Janet Yellen