“I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism,” Yellen said.
Some institutions have paused their buying, at least for the moment.
Yellen succeeds Steven Mnuchin in running the U.S. government’s treasury. Here’s what she will oversee in the crypto world.
“I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities,” Janet Yellen wrote.