During the Senate Treasury Secretary approval hearing, challenger and former Federal Reserve chief Janet Yellen said cryptocurrencies are of “particular concern” to law enforcement officials working in the fight against money laundering and countering other criminal uses of finance.
The commentary came in response to a question from Senator Maggie Hassan, who asked Yellen about the new technical threats posed by financial terrorism. In addition, Yellen was asked how she sees the role of the Treasury Department in combating illegal financial activities. Hassan specifically named the cryptocurrency as a possible threat and Yellen agreed with her.
“I believe that a significant portion of cryptocurrencies are used, at least in the sense of transactions, primarily for illegal financial transactions,” Yellen said, adding that the government needs to find new ways to counter money laundering through cryptocurrency platforms.
No date has been set for voting on Yellen’s approval, but according to Bloomberg, it could happen as early as Thursday.
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