Much has been said about cryptocurrencies and whether the market will be able to mature even more with the incoming Biden administration. However, as the 46th President moves into the White House, comments about cryptocurrencies from some of his top cabinet picks aren\u2019t exactly promising.<\/p>\n
As part of her confirmation process, Janet Yellen, President Biden\u2019s pick for Secretary of the Treasury, recently appeared in a\u00a0<\/span>virtual hearing<\/span><\/a> at the United States Capitol. Questions for the Federal Reserve’s former head varied, although she brought up the issue of cryptocurrencies when discussing possible amendments to combating terrorist financing.<\/span><\/p>\n Answering New Hampshire Senator Maggie Hassan, Yellen pointed out how she would respond to the growth in usage of \u201cemerging financial technology to fund terrorist organizations worldwide.<\/span><\/p>\n In her reply, Yellen explained that cryptocurrencies had become a \u201cgrowing concern\u201d for terrorist financing, and that it was time for the Treasury Department\u2019s combating methods to evolve with the emergence of new technology.<\/span><\/p>\n \u201cCryptocurrencies are a particular concern. I think many 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 doesn\u2019t occur through those channels,\u201d Yellen said.<\/span><\/p><\/blockquote>\n Yellen hasn\u2019t exactly been a fan of cryptocurrencies. Speaking at the 2018 Canada FinTech Forum, the former Federal Reserve Chairperson\u00a0<\/span>bashed<\/span><\/a>\u00a0cryptocurrencies as being \u201canything but useful.\u201d At the time, the crypto winter was in full force, and the market had just lost a chunk of its value. Yellen went after digital assets for their volatility, explaining that they weren\u2019t useful as currencies or mediums of making transactions.<\/span><\/p>\n It is unclear whether Yellen has had a radical change in perspective so far. Last month, Nouriel Roubini, a famous Economics professor and crypto basher,\u00a0<\/span>said<\/span><\/a>\u00a0in a Twitter conversation that the policymaker would be unrelenting in her crackdown against the crypto industry.<\/span><\/p>\n @jchervinsky<\/a> : you are delusional. Biden's team, starting with Yellen who was my boss at CEA, will crack down on this criminal tax evading & AML-KYC-TFC-evading crypto\/shitcoins cesspool much more than Mnuchin. Get a life as you have become a crypto hired gun cheerleader\/enabler https:\/\/t.co\/558ziHBUWg<\/a><\/p>\n — Nouriel Roubini (@Nouriel) December 24, 2020<\/a><\/p><\/blockquote>\nAll Eyes on the Biden Administration<\/b><\/h2>\n
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