Treasury secretary nominee Janet Yellen calls illicit use of cryptocurrency a 'particular concern'
January 19, 2021, 3:49PM EST
1 min read
Cryptocurrencies are a "particular concern" for law enforcement officials charged with policing money laundering and other illicit finance, Treasury secretary nominee and former Federal Reserve chair Janet Yellen said during her Senate confirmation hearing today.
The comment came in response to a question from Senator Maggie Hassan (D-NH), who asked Yellen about emerging technical threats related to financial terrorism and how Yellen sees the Treasury's role in the battle against illicit financial activities. Hassan specifically named crypto as a possible threat, and Yellen agreed.
"I think many are used at least in a transactions sense mainly for illicit finance," she said, adding that the government needs to find new ways to curb money laundering from occurring via crypto platforms.
A date has not been set for a vote on Yellen's confirmation, but according to a Bloomberg report it could come as early as Thursday.