Approved by the US Secretary of the Treasury: Bitcoin's fear of a hidden danger, slightly revised down by 2%

By Amber01 | Amber Bityard | 20 Jan 2021

The Biden administration will enter the White House on the 20th, and prospective Treasury Secretary Janet Yellen will participate in the appointment hearing on the 19th to discuss future US fiscal measures such as exchange rates and taxation, including tough policies against China and ending the weak dollar policy, climate change and other primary tasks; in addition, Yellen said that she will pay special attention to the "terrorist financing" of cryptocurrency.

The president-elect of the United States (Joe Biden) will be sworn in on the 20th. The heads of various departments of the new government are in full swing in the near future. After the "appointment hearing" held by the Senate confirmed this week, Yellen will be the first female US Treasury Secretary.

At the hearing, Senator Maggie State. In the question, Maggie Hassan asked how the U.S. Department of the Treasury will respond to suspicious illegal financing of cryptocurrencies. Hassan emphasized that the funding of cryptocurrencies has become an increasingly serious issue around the world.

Yellen responded that after taking office, he will pay close attention to the issue of terrorist use of cryptocurrency as a new financing tool. Science and technology are changing with each passing day. We need to ensure that the authorities’ solutions do not lag behind terrorists. The financing of terrorism using cryptocurrency will be a topic of special concern to us. Yellen went on to add that she believes that most of the cryptocurrencies currently in circulation on the market are used for illegal financing, so in the future, they will focus on combating the crime of "using cryptocurrencies for illegal transactions" to ensure that these illegal funds have no channels to enter the financial market.

Yellen, who served as the chairman of the Federal Reserve Committee for four years during the Barack Obama administration, finally stated that she did not want to over-regulate the cryptocurrency field. Observing Yellen’s previous remarks, she did reveal many times during her tenure as the chairman of the Federal Reserve that the Federal Reserve should not excessively interfere in the cryptocurrency industry but also emphasized that it should monitor whether market participants actually comply with anti-money laundering (AML) and bank secrecy laws. (BSA). This proposal has aroused great concern in the industry and political circles. If passed, it will be a disastrous blow to the cryptocurrency industry.


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Amber Bityard
Amber Bityard

Bityard is the world’s leading cryptocurrency derivative exchange, providing safe, simple, and fast cryptocurrency trading services in more than 150 countries. Bityard is compliant with financial regulations and has obtained financial licenses issued by many national institutions. At the moment, they provide spot exchange, contract trading, and multiple commodity indices contracts. In the future, they will be still enthusiastic to provide more innovative crypto services and create sustainable value.

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