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U.S. Treasury Secretary Janet Yellen Reports Crypto Involvement in Illicit Activities

U.S. Treasury Secretary Janet Yellen Reports Crypto Involvement in Illicit Activities

United States Secretary of the Treasury Department, Janet Yellen stated that malicious actors are using cryptocurrencies to launder illegal money. She advocates that the inclusion of crypto assets in terrorism funding is a developing problem. As per the U.S. Treasury Department’s official press release, Yellen thinks that new technologies such as cryptocurrencies have potential. However, the bad actors are mistreating the digital assets. Also, there are many dangers linked with the application of crypto-assets.

Janet Yellen’s recent comments on crypto employment in illicit activities such as money laundering and terror finance come after her Senate confirmation warning in mid-January. Yellen originally stated that the U.S. needs to analyze how it can eliminate crypto use for illegal financing. It appeared that Yellen ought to be another old-world crypto opponent. However, a written statement issued on the Senate Finance Committee website on Jan 22. It showed that the incoming Secretary of the Treasury might have a more optimistic view on the potential for crypto to restructure the United States financial system. 

Janet Yellen to encourage lawful application of digital assets

In her comment, Yellen again affirmed the requirement for the U.S. to face the application of unlawful activities leveraging crypto. This time, she appended that she also intends to promote legitimate leveraging of digital assets. Yellen’s new comment occurs just days after two U.S. lawmakers published an open letter to Tron Founder Justin Sun and DLive CEO Charles Wayn. The letter was in the capital riots’ wake, demanding them to explain how they supervise extremist and white supremacist content.

Moreover, the pair of U.S. Lawmakers who are part of the House Select Committee on Intelligence issued the open letter on The Verge on Tuesday. The letter demands an answer from Sun and Wayn regarding how they intend to prevent extremist content from being broadcast on the crypto streaming platform. This is in the wake of last month’s attempted insurrection in Washington at President Joe Biden’s confirmation. The U.S. representatives questioned Sun and Wayn to describe how DLive, the decentralized video streaming alternative to YouTube, can protect younger users from extremist content. Also, whether the company has any means to recognize bad actors financing extremist content.

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