Wednesday, October 27, 2021
HomeBitcoin NewsUS Treasury Nominee Yellen Tells Senators that Crypto Has ‘Benefits’

US Treasury Nominee Yellen Tells Senators that Crypto Has ‘Benefits’

American President Joe Biden’s Treasury Secretary nominee Janet Yellen has been blamed by many for the recent slide in token prices after expressing “concerns” about crypto – now many will hope that more positive comments on the matter could help halt the worsening decline.

Yellen has been communicating with the Senate’s Finance Committee ahead of a vote, expected today, on her nomination.

And in a set of responses to Committee member Senator Todd Young’s question on the matter, Yellen wrote,

“At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten United States national security interests and the integrity of the United States and international financial systems.”

(However, according to Chainalysis, the criminal share of all cryptocurrency activity fell from 2.1% (USD 21.4bn) in 2019 to 0.34%, or USD 10bn in transaction volume in 2020.)

But then she continued in a more positive vein, adding,

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