{"id":112597,"date":"2021-02-12T17:34:28","date_gmt":"2021-02-12T17:34:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112597"},"modified":"2021-02-12T17:34:28","modified_gmt":"2021-02-12T17:34:28","slug":"us-treasury-secretary-janet-yellen-says-the-misuse-of-cryptocurrencies-is-a-growing-problem-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/us-treasury-secretary-janet-yellen-says-the-misuse-of-cryptocurrencies-is-a-growing-problem-regulation-bitcoin-news\/","title":{"rendered":"US Treasury Secretary Janet Yellen Says &#039;the Misuse of Cryptocurrencies Is a Growing Problem&#039; &ndash; Regulation Bitcoin News"},"content":{"rendered":"<p><strong>Janet Yellen, the new U.S. Treasury Secretary, has warned about &ldquo;a growing problem&rdquo; from &ldquo;the misuse of cryptocurrencies.&rdquo; She emphasized that &ldquo;cryptocurrencies have been used to launder the profits of online drug traffickers; they&rsquo;ve been a tool to finance terrorism.&rdquo;<\/strong><\/p>\n<h2>Janet Yellen Warns of Cryptocurrency Risks<\/h2>\n<p>The U.S. Department of the Treasury hosted its inaugural Financial Sector Innovation Policy Roundtable on Feb. 9 and 10. &ldquo;The Roundtable brought together policymakers and regulators with experts from the private sector to exchange views for collaborating on policy issues and innovative technologies,&rdquo; the department described.<\/p>\n<p>Treasury Secretary Janet Yellen briefly talked about cryptocurrencies during her opening remarks at the event. &ldquo;We&rsquo;re living amidst an explosion of risk related to fraud, money laundering, terrorist financing, and data privacy. As the pandemic has moved more of life online, crime has moved with it,&rdquo; she opined. One of the problems she outlined concerns cryptocurrency.<\/p>\n<p>Yellen asserted:<\/p>\n<blockquote>\n<p>The misuse of cryptocurrencies and virtual assets is a growing problem, too. I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they&rsquo;ve been a tool to finance terrorism.<\/p>\n<\/blockquote>\n<p><\/ins><\/p>\n<p>&ldquo;From my time at the Fed, I know the crucial role your institutions play in combating crimes like these,&rdquo; she told the event participants. &ldquo;The private sector invests enormous resources, finding ways to stop bad actors from misusing existing technologies. You also develop new ones.&rdquo;<\/p>\n<p>At her Senate confirmation hearing, Yellen caused quite a stir in the crypto community by saying that cryptocurrencies are &ldquo;mainly for illicit financing.&rdquo; She subsequently clarified her position and promised &ldquo;effective&rdquo; crypto regulation. Meanwhile, the pro-bitcoin U.S. Senator Cynthia Lummis has talked to Yellen about cryptocurrencies and is planning to convince the Treasury Secretary that bitcoin is &ldquo;a great store of value.&rdquo;<\/p>\n<p>Source: <a href=\"https:\/\/news.bitcoin.com\/us-treasury-secretary-janet-yellen-cryptocurrencies\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Janet Yellen, the new U.S. Treasury Secretary,<\/p>\n","protected":false},"author":3,"featured_media":112596,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Treasury Secretary Janet Yellen Says &#039;the Misuse of Cryptocurrencies Is a Growing Problem&#039; &ndash; Regulation Bitcoin News - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/us-treasury-secretary-janet-yellen-says-the-misuse-of-cryptocurrencies-is-a-growing-problem-regulation-bitcoin-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Treasury Secretary Janet Yellen Says &#039;the Misuse of Cryptocurrencies Is a Growing Problem&#039; &ndash; Regulation Bitcoin News - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Janet Yellen, the new U.S. Treasury Secretary,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/us-treasury-secretary-janet-yellen-says-the-misuse-of-cryptocurrencies-is-a-growing-problem-regulation-bitcoin-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-12T17:34:28+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/ccryptafotoyellen-crypto.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/us-treasury-secretary-janet-yellen-says-the-misuse-of-cryptocurrencies-is-a-growing-problem-regulation-bitcoin-news\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/us-treasury-secretary-janet-yellen-says-the-misuse-of-cryptocurrencies-is-a-growing-problem-regulation-bitcoin-news\/\",\"name\":\"US Treasury Secretary Janet Yellen Says &#039;the Misuse of Cryptocurrencies Is a Growing Problem&#039; 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