Joe Biden was sworn in as the 46th president of the United States yesterday and the ceremony has to be one of the most amazing I have ever seen. As of the time of swearing-in also, a lot of dips have been happening in the crypto market.
It easy to locate a red arrow compared to when searching for the green ones. The future of crypto has been one issue of concern for investors as some feel the administration of Biden will frown on it. Also with SEC issues against crypto and the taxing of crypto still in the books, it's right for crypto investors to think about what the future holds for cryptocurrency.
Coupled with these facts, U.S Treasury Secretary nominee, Janet Yellen has had labeled crypto as something of concern and issues of importance to be looked into. During her Senate confirmation hearing yesterday, she raises a concern about crypto and the impact it might have on terrorist funding and money laundering.
When faced with questions relating to how to curb out terrorist financing from the US Senate, she pointed out that digital assets have played a great role in making this a possibility. Hence arise the need of solving the issue of cryptocurrencies.
During the US Senate confirmation hearing, Janet Yellen said;
We need to make sure that our methods for dealing with these matters — with terrorist financing — change along with changing technology […] Cryptocurrencies are a particular concern. I think many are used at least in a transaction sense mainly for illicit financing and I think we need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels, ”