Janet Yellen, President Joe Biden’s nominee for Treasury Secretary, is anticipated to take a tough stance on cryptocurrencies, calling digital foreign money a “explicit concern” that’s used “primarily for illicit financing,” Arstechnica and different information retailers reported on Thursday (Jan. 21).
“The applied sciences to perform this variation over time, and we have to guarantee that our strategies for coping with these issues, with tech terrorist financing, change together with altering expertise — cryptocurrencies are a specific concern,” Yellen mentioned earlier than the Senate Finance Committee, in line with CoinDesk. If confirmed, she would be the first girl named Treasury Secretary.
The anonymity of the blockchain and lack of oversight makes it a magnet for cyberthieves. No particular person company controls blockchain-based monetary networks, and it’s laborious to implement adherence to cash laundering laws.
Regulators within the U.S. and overseas have targeting bitcoin exchanges that facilitate buying and selling, enabling regulation enforcement to comply with the cash by way of the blockchain community’s open cost ledger.
The previous Federal Reserve chair additionally mentioned she was going to be aggressive on local weather change and will launch a job power to look into monetary dangers stemming from local weather change and associated tax incentives.
“Local weather change is an existential menace,” Yellen informed the committee, per Politico. “Each the influence of local weather change itself and insurance policies to handle it may have main impacts, creating stranded property, producing massive modifications in asset costs, credit score dangers and so forth that would have an effect on the monetary system. These are very actual dangers.”
Within the October AML/KYC Tracker by PYMNTS, Amit Sagiv and Volodymyr Tsukur, co-heads of Wix Funds, focus on the position of synthetic intelligence and machine studying play in AML compliance.