January 20, 2021 Treasury Secretary nominee Janet Yellen expresses concerns about cryptoassets

During a Senate confirmation hearing yesterday, Janet Yellen was questioned by Senator Maggie Hassan (D-NH) as to whether cryptoassets are an emerging threat relating to financial terrorism. Yellen said, “I think many are used at least in a transaction sense mainly for illicit finance.” She expressed that this is a “particular concern” for those in law enforcement and that the government needs to find new ways to curb illicit activity. 

A former Federal Reserve chair, Janet Yellen is expected to be confirmed relatively quickly and with bi-partisan support.