During her Senate confirmation hearing earlier this week, U.S. President Joe Biden’s nominee for Treasury Secretary Janet Yellen referred to cryptocurrencies as a “growing concern” in the U.S., she said they were used “mainly for illicit financing” for the aforementioned groups, and that the U.S. government needed to examine ways to “curtail” the use of crypto as part of their anti-money laundering efforts.
Her comments were made on Tuesday during a virtual hearing of the U.S. Senate Finance Committee. Yellen responses came after being questioned by Democratic Senator Maggie Hassans. The Senator questioned Yellen about how she would respond to “emerging financial technology” being used to fund criminal organizations and terrorists.
Yellen’s written testimony was released today on the Senate Finance Committee website. https://t.co/FHuzEHlovz
Surprisingly, her responses seemed measured and careful, but deliberate, suggesting cryptos “potential to improve the financial system”.
Yellen comes highly qualified and is knowledgeable regarding the works of governmental finance. Yellen was a member of the Federal Reserve Board of Governors from 1994 to 1997 and again from 2010 to 2018. She chaired the Council of Economic Advisers under President Bill Clinton from 1997 to 1999 and was the president of the Federal Reserve Bank of San Francisco from 2004 to 2010. In 2014, Yellen was nominated by President Barack Obama to succeed Ben Bernanke as chair of the Federal Reserve. She served one term from 2014 to 2018 and was not re-appointed by President Donald Trump.
The Senate Finance Committee is expected to vote on Yellen’s nomination later today, after which it goes to the full chamber for a vote. If confirmed Yellen would be returning to work under her fourth President.
