Economist and candidate for the post of US Treasury Secretary Janet Yellen (Janet Yellen) expressed concern about the use of digital assets for criminal purposes.
During her Senate confirmation hearings, Yellen emphasized that cryptocurrencies have become a “special problem” for law enforcement officials fighting money laundering and other types of financial crime.
The former chairman of the US Federal Reserve made her statement in response to a question from Senator Maggie Hassan, who asked about new technical threats associated with financial terrorism.
Hassan also asked about Yellen’s views on the role of the Treasury Department in the fight against such crimes. The Senator singled out cryptocurrencies as a threat and Yellen reiterated this vision of digital assets:
“I think many of these assets are used primarily for illegal financial transactions, at least in the sense of transactions.”
The US Treasury candidate stressed that the government and law enforcement agencies need to find new ways to prevent money laundering through cryptocurrencies and digital platforms.
Recall that in October 2020, the US Federal Reserve and the Financial Crimes Enforcement Network (FinCEN) proposed to lower the threshold for registering money transfers outside the United States, including for cryptocurrency transactions.
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