President Biden’s pick for U.S. Secretary of the Treasury Janet Yellen endured a lengthy senate nomination hearing on Wednesday where the questions only briefly touched on digital assets. However, she stated that cryptocurrencies are “mainly for illicit financing” and commented that there’s a “need to examine ways in which we can curtail their use and make sure that money laundering doesn’t occur through those channels.”
The senators submitted more detailed written questions as a follow up and the answers to these were published yesterday and signaled a slightly more accommodating approach.
Asked by Senator Daines about plans to ensure the U.S. remains a global financial services leader, Yellen concurred that the U.S. must lead in digital asset and financial technology areas.
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