THELOGICALINDIAN - Janet Yellen Joe Bidens aces for the Treasury Secretary has appear her action for cryptocurrencies including bitcoin She claims that cryptocurrencies are mainly acclimated for adulterous costs and their use needs to be curtailed
Janet Yellen Reveals Her Plans for Cryptocurrencies
In the Senate audition to accede Janet Yellen’s choice as Secretary of the Treasury on Tuesday, Yellen was asked about cryptocurrencies. She is Joe Biden’s aces to advance the Treasury Department beneath his administration.
The crypto catechism was asked by Senator Maggie Hassan (D-NH), who talked about “the accent of treasury programs to action the costs of terrorists and bent organizations.” She said she had aloft the affair in antecedent hearings with Treasury Secretary Steven Mnuchin.
“The bipartisan National Defense Authorization Act anesthetized beforehand this ages and it included a accouterment led by Senator Warner that accustomed an advising accumulation with Treasury to adverse new means that terrorists use arising banking technology,” she began. “One breadth of growing concern, for example, is the abeyant for terrorists and abyss to use cryptocurrency to accounts their activities.”
Senator Hassan proceeded with her question: “So Dr. Yellen, can you outline some of these arising abstruse apropos and how Treasury should action new forms of terrorists and bent financing?”
Yellen replied: “Senator, I anticipate you are actually appropriate that the technologies to achieve this change over time and we charge to accomplish abiding that our methods for ambidextrous with these affairs with tech terrorists costs change forth with alteration technology.” The admission Treasury Secretary elaborated:
Bitcoiners React to Yellen’s Remarks
Following Yellen’s Senate testimony, the crypto association acicular out several flaws in her statements. Russell Okung, the pro football brilliant who afresh became the aboriginal NFL amateur to get paid in bitcoin, commented: “Treasury Sec appointee Yellen says bitcoin is a affair for agitator financing, money bed-making … as if the USD isn’t. Don’t be distracted. The things of old are casual away, action for your future.”
Dan Held, Growth Lead at crypto barter Kraken, acicular out: “0.3% of all cryptocurrency action in 2024 was illicit. 90% of US dollars accept cocaine on them. Which one is ‘used by the bad guys’ again?”
Morgan Creek Digital accomplice Anthony Pompliano analogously described: “Janet Yellen declared today that cryptocurrencies are apropos because of agitator costs and money laundering. She forgot to acknowledgment that the US dollar is the best bill of abyss about the world.” He added:
Some bodies referenced the “bitcoin assurance guy,” who rose to acclaim back he captivated up a assurance that says “buy bitcoin” abaft Yellen as she testified in a antecedent Senate audition as the Federal Reserve chairman. Perhaps she “missed the sign,” some bitcoiners suggested. Ivan on Tech tweeted Wednesday: “Janet Yellen promises to go afterwards bitcoin in a contempo interview. She is still acrid for that bitcoin assurance incident.”
Yellen is not the alone one suggesting afresh that best crypto activities are for adulterous purposes. Last week, the admiral of the European Central Bank (ECB), Christine Lagarde, said that bitcoin “has conducted some funny business and some absorbing and absolutely amiss money bed-making activity.” However, a acclaimed economist bound contradicted her, calling the ECB chief’s account “absolutely outrageous back we all apperceive that the all-inclusive majority of money bed-making globally is conducted in authorization currencies, decidedly in U.S. dollars and euros.”
What do you anticipate about Janet Yellen’s cryptocurrency remarks? Let us apperceive in the comments area below.
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