In a few days, the United States of America will experience a change of government as president-elect Joe Bidden will finally be sworn into power as the country’s 46th president. Everyone is looking forward to the great event and better governance than what was experienced in recent years.
As part of his desire to have a good and supportive team to work with, Joe bidden has officially chosen Janet Yellen to become the Treasury Secretary. Having served as the Chair of Federal Reserve, Bidden believes Yellen is the right candidate for the position, and he will be counting on her experience to deliver a good sign.
Yellen’s first speech as Treasury Secretary isn’t a good one for the Crypto world
Speaking to the public during her confirmation hearing on Tuesday, the 74-year-old politician said the rate at which money-related crimes are being committed through the crypto space is very alarming and should be a major source of concern to everyone.
According to her, cryptocurrencies give much room for online theft and fraudsters to thrive without being arrested. She is reaffirmed her desire to bring sanity into the industry as she will be keeping a very close tab on the activities carried out by crypto investors and traders.
When asked by Senator Maggie Hassan of New Hampshire on how she will stop illicit trade in the industry, Yellen said she would walk with resourceful tech experts to ensure that the industry is closely monitored to discover any unhealthy transaction as soon as possible. She revealed plans to deploy a modern-day approach to dealing with tech-terrorist financing with sophisticated modern-day technology.
She believes there is a need for the Treasury Department to improve their methods and commitment in dealing with all online crimes and money laundering and ensure that many investors won’t see the crypto space as an avenue to commit crimes secretly.
Yellen isn’t a friend of the Crypto industry
This isn’t the first time the newly-picked secretary is pointing out the industry for the role it allegedly plays in increasing the rate of unhealthy practices in the country. In 2018, Yellen categorically said she’s not a Bitcoin fan because the digital asset is far from being a stable store of value, neither does it constitute a legal tender. Having witnessed a tough time under the outgoing Donald Trump’s administration, many crypto experts hope for a better fortune during the incoming government.
Unfortunately, the early signs aren’t encouraging, and it might lead to the industry’s slow-paced growth in the nearest future. Nonetheless, Yellen’s proposed approach will likely bring much-needed security and sanity into the cryptocurrency world. Statistics obtained via blockchain analytics company Chainalysis claimed that 2.1% of all the transactions made in 2019 was illegal.
Things got a bit better in 2020 because only 0.34% for illicit transactions were made all through the years. Hopefully, Yellen’s mission to bring law and order to the use of cryptocurrency will be accomplished as soon as possible so that we all can have a crime-free industry where every investor and trader can trade without fear of being scammed or defrauded.