A virtual hearing of the U.S. Senate Finance Committee which happened today had Yellen faced with various questions on mitigating against the terrorism financing, or CFT. Questions came from Democratic Senator Maggie Hassan from New Hampshire.
Hassan directed the question to Yellen on how she intends to respond as Treasury Secretary to “emerging financial technology” which is used in funding criminal organizations and terrorists.
The senator tagged crypto a “growing concern” and asked Janet Yellen how she would curb CFT.
The former Federal Reserve Chairman responded by saying there is need to ensure that our ways for dealing with these situation — with terrorist financing — is changed along with dynamic technology.
She added that Cryptocurrencies are a major concern and thinks majority are used mostly in a transaction sense for illegal financing. She also thinks there is serious need to scrutinize ways in which their usage can be curtailed and ensure that anti-money laundering does not happen through those channels.
Yellen, who was the former chair of the Federal Reserve under United State former President, Barack Obama, has been somewhat silent on her opinion around the cryptocurrency space since she called Bitcoin “anything but useful” back in October 2018.
She vacated her post as Federal Reserve Chair in early 2018 after the 2017 bull run which pushed Bitcoin(BTC) to a then all-time high.
Upon Senate’s approval, Janet Yellen would be the first woman to have served as Treasury Secretary. She is replacing Steve Mnuchin.
Democrat Senator, Ron Wyden, said in the hearing that he is hoping Yellen will be on the “floor of the US Senate” for a vote on Thursday.
Joe Biden is taking the oath of office for President of United Stated(POTUS) during his inauguration tomorrow.