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U.S. Treasury Secretary nominee: Cryptocurrency crime is a concern, should study how to encourage its use for legitimate activities

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Consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system.

Rhythm BlockBeats news, on January 22, President Biden’s nominee for Treasury Secretary Janet Yellen (Janet Yellen) stated in oral testimony that cryptocurrency crimes are “particularly worrisome.” She gave equal rights to the pros and cons of digital assets in her written testimony. As Treasury Secretary, Yellen will be responsible for the Financial Crimes Enforcement Network.

Responding to questions about the use of certain cryptocurrencies to finance terrorism and how digital and cryptocurrencies should be regulated At the time, Janet Yellen said, "I think it's important that we consider the benefits of cryptocurrencies and other digital assets and the potential that they have to improve the efficiency of the financial system."

After pointing out that digital assets can be used for terrorism and money laundering, she continued: , while reducing its use for malign and illicit activities. If confirmed, I intend to work closely with the U.S. Federal Reserve Board and other federal banking and securities regulators to help on how to implement an effective regulatory framework for these and other fintech innovations. "