[2021-01-20] Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin

[freedomno1]

Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing


Janet Yellen, President-elect Joe Biden's nominee for treasury secretary, suggested on Tuesday that lawmakers "curtail" the use of cryptocurrencies such as bitcoin over concerns that they are "mainly" used for illegal activities.

Yellen's comments suggested the incoming Biden administration could be hostile to cryptocurrencies and ramp up regulation. Watchdogs around the world, from the European Central Bank to the UK's financial regulator, have recently expressed concerns about cryptocurrencies like Bitcoin.
Sen. Maggie Hassan asked Yellen during her confirmation hearing on Tuesday about the dangers of terrorists using cryptocurrencies.

"You're absolutely right that the technologies to accomplish this change over time, and we need to make sure that our methods for dealing with these matters, with terrorist financing, change along with changing technology," Yellen said.

"Cryptocurrencies are a particular concern. I think many are used - at least in a transaction sense - mainly for illicit financing.

"And I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn't occur through those channels."

https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrency-should-be-curtailed-terrorism-concerns-yellen-2021-1-1029985692

Second Source
https://news.bitcoin.com/janet-yellen-bitcoin-cryptocurrencies-illicit-financing/

[Kakmakr]

Yea..... the new broom will want to show that they will do everything in the opposite way, than what their opposition did it.   So if the Trump administration approved it, then the Biden administration will have to pull it down and re-build it. How many legitimate and regulated companies that are using Crypto currencies now, will have to suffer from these changes? (Take Coinbase as an example.... and Gemini and many of the other exchanges.)

Also, the moment when you over regulate something.. it goes underground... and then those transactions are not taxed. So the US Government will lose Millions in taxes .... and they still will still not have stopped the illegal activities. (Like the WAR on Drugs)  

Also many Crypto currency supporters will change their vote, come next election.. to an administration that supports Crypto currencies.  

[Carlton Banks]

There was recent news from Albania that a gun running organization (supplying weapons to the Syrian war) with wahabist links had increased it's control in the famously violence infested corner of south-eastern Europe.

guess who was helping fund them? (and using which currency/payment network?). I expect you all need only one guess



If Janet Yellen has proof that Bitcoin funded terrorism, it's likely because her partners in crime at the CIA gave her the information, and they only know because they provided all the guns and the Bitcoins for the deals with the terrorists

[stompix]

And here we go, I've got so used to this stuff it doesn't surprise me anymore.
When you go and vote the challenger in your mind you're saying, this can't be worse than the current guy, yet it takes only a few days or weeks to realize you've actually chosen the worse of the two.

So, we can add more names to the list of imbeciles that have some kind of decisional power and are against mass use of bitcoin, I had a feeling things will turn bad the moment I heard Maxine Waters stating to link cryptos and terrorism, I wonder how many will start to pop-up, already Lagarde has open it stupid mouth this side of the Atlantic also, throw in Gary Gensler and this is going to be "fun".

[Karartma1]

There've been far too many endorsements for bitcoin recently and the guys in power probably realized that it was enough. Yellen, Lagarde & co. could have made these statements earlier on but they waited. If you ask me, this is the repetitive pattern about bitcoin is bad we've seen up to now.

[Argoo]

There've been far too many endorsements for bitcoin recently and the guys in power probably realized that it was enough. Yellen, Lagarde & co. could have made these statements earlier on but they waited. If you ask me, this is the repetitive pattern about bitcoin is bad we've seen up to now.

I wonder how this Yellen intends to "cut" bitcoin. This is not a budget cut that can be cut with the stroke of a pen. Judging by the fact that she only proposes to study the ways of influencing the cryptocurrency, she does not know at all what exactly to do. I agree that such calls from high-ranking officials have begun to sound more and more often. Overall, this is an alarming prospect. States, especially if they unite, can harm the free development of cryptocurrency.

[bbc.reporter]

There was recent news from Albania that a gun running organization (supplying weapons to the Syrian war) with wahabist links had increased it's control in the famously violence infested corner of south-eastern Europe.

guess who was helping fund them? (and using which currency/payment network?). I expect you all need only one guess



If Janet Yellen has proof that Bitcoin funded terrorism, it's likely because her partners in crime at the CIA gave her the information, and they only know because they provided all the guns and the Bitcoins for the deals with the terrorists

I reckon for Janet Yellen and all the Democrats, it does not matter if the information about bitcoin and terrorist funding is true or not true. They only want a campaign against terrorism where they can put billions of tax payer’s money in and take much of it for themselves. Bitcoin will only be a casuality in the Democrats’ war of terrorism.

Also, those bitcoiners in social media who larped for Biden will be those similar people who will complain about Biden.

[cr1776]

There was recent news from Albania that a gun running organization (supplying weapons to the Syrian war) with wahabist links had increased it's control in the famously violence infested corner of south-eastern Europe.

guess who was helping fund them? (and using which currency/payment network?). I expect you all need only one guess



If Janet Yellen has proof that Bitcoin funded terrorism, it's likely because her partners in crime at the CIA gave her the information, and they only know because they provided all the guns and the Bitcoins for the deals with the terrorists

I reckon for Janet Yellen and all the Democrats, it does not matter if the information about bitcoin and terrorist funding is true or not true. They only want a campaign against terrorism where they can put billions of tax payer’s money in and take much of it for themselves. Bitcoin will only be a casuality in the Democrats’ war of terrorism.

Also, those bitcoiners in social media who larped for Biden will be those similar people who will complain about Biden.

True.

All those people who thought statists and collectivists like the Biden admin would be good for bitcoin were delusional.  People who want power over others would obviously be anti a pro liberty technology.

[Lucius]

There was recent news from Albania that a gun running organization (supplying weapons to the Syrian war) with wahabist links had increased it's control in the famously violence infested corner of south-eastern Europe.
guess who was helping fund them? (and using which currency/payment network?). I expect you all need only one guess

I followed this whole situation around the weapons going from the EU to Syria, and I know that at one point Germany said stop because it turned out that the weapons actually end up in the hands of ISIL. As the US and its undisputed ally (SA) were in charge of the entire operation, it is not difficult to conclude that nothing in this story is accidental. Destabilizing the region, overthrowing the pro-Russian regime in Syria and, of course, installing pro-American politicians in power. Unfortunately for them, it failed.

More than a third of the weapons used by "Islamic State" in Iraq and Syria came from European Union states — including Germany, a new report has found. The data shows that deadly arms can often end up in the wrong hands.
A significant proportion of the guns and ammunition in "Islamic State's" (IS) cache were manufactured in the European Union, according to the study published Thursday by Conflict Armament Research (CAR).
In its 200-page investigation, the weapons tracking organization claimed that more than 30 percent of the arms used by IS extremists on battlefields in Syria and Iraq originally came from factories in Bulgaria, Romania, Hungary and Germany.
The study, Weapons of the Islamic State, is the result of three years of fieldwork carried out by CAR teams in Iraq and Syria. Between 2014 and 2017, researchers analyzed more than 40,000 items recovered from IS frontline positions, including guns, ammunition, and components used to make explosive devices.

I think the story of Bitcoin and terrorism is already pretty worn out, but one shouldn’t expect its proponents to give up so easily to not use that argument again from time to time. After all, which terrorist organization is currently a threat to the world?

[acquafredda]

This story allowed me to re-think of the original story from which the movie The International is based upon
https://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International
https://en.wikipedia.org/wiki/The_International_(2009_film)
The film raises concerns about how global finance affects international politics across the world; therefore, let us start 'curtailing' the way banks move around money and then, only then, we can start talking about bitcoin.

[Theb]

It's funny to think that 2-3 months ago news media and several "experts" predicted that a "Biden victory means a victory for Bitcoin" as well but now we are seeing news that are completely the opposite. Now the threat the US is facing right now is the ones Biden is electing as heads of the department, this topic created by squatter in the legal section is talking about Gary Gensler who will be taking over in SEC and has the same negative views with cryptocurrencies. With this people in power having the same train of thought we might see more and more stricter regulations being impose in the country which will more likely be detrimental to the crypto industry. IMO they still view crypto as some kind of accessory in the criminal world but tbh putting restrictions to crypto itself won't solve the problem which is the illicit activities.

[Nahratsak]

I think the solution here can be very simple. I suggest curtailing Janet Yellen 

[Harlot]

Lets just hope that if a tighter regulation will be coming up it will be something that won't hurt the progression of the crypto industry. We know that most of our people who are in politics don't know what they are really doing or has been knowledgeable in this kinds of instance but lets hope that their researchers would have the courage enough to say what they know is wrong and that crypto isn't what they think they are. This is also an inevitable thing to happen since we all know that additional regulations will be added let us just prepare for what will come.

[bryant.coleman]

I think the solution here can be very simple. I suggest curtailing Janet Yellen 

Voters had the chance to do that three months back, but they voted for her. Now we have to deal with her for at least 4 years. And the situation is much more complex now, due to the trifecta power that the Democrats enjoy. The GOP was never considered as pro-Bitcoin, but at least when compared to the Democrats, they left the cryptocurrency market on its own without much intervention. That is going to change now.

[Karartma1]

I think the solution here can be very simple. I suggest curtailing Janet Yellen 

That's no easy task, man. She's just been appointed Head of the United States Department of the Treasury and I believe it's very unlikely we will see her anywhere else in the near future. What I truly don't like about her is that she's way too Keynesian or, as they describe her a "Keynesian to her fingertips". Instead of recognizing the utter fail of a Keynesian principles in the economy, the plague of these kind of economist ruling the world marches on.

[figmentofmyass]

Lets just hope that if a tighter regulation will be coming up it will be something that won't hurt the progression of the crypto industry.

it certainly might hurt the progression of the american crypto industry. that's one saving grace right now---they don't want to jeopardize future tax revenue from american businesses shutting down or moving abroad. the backlash from big companies like coinbase got the treasury department to delay passing the travel rule and self-hosted wallet regulations earlier this month. hopefully that develops into toned down language and better reporting thresholds when the regulations are eventually passed.

ultimately, the feds know the value of the american consumer/investor market, and they know that large crypto services are willing to toe the line in exchange for access to it. the new rules are gonna be bad (as the FATF travel rule already imples).... we can only hope they won't be that bad.

i'm going full p2p and DEX from here on out. the regulatory situation around centralized exchanges is rather ominous.

[mindrust]

I think the solution here can be very simple. I suggest curtailing Janet Yellen 

Voters had the chance to do that three months back, but they voted for her. Now we have to deal with her for at least 4 years. And the situation is much more complex now, due to the trifecta power that the Democrats enjoy. The GOP was never considered as pro-Bitcoin, but at least when compared to the Democrats, they left the cryptocurrency market on its own without much intervention. That is going to change now.

Exactly. Say whatever you want about Trump. Even thought Trump wasn't really a crypto fan at least he wasn't talking about "curtailing" it because he simply didn't care about it.

No matter who is in charge one thing is not going to change. No country in its right mind would give up on its national currency and use something else which they have no control on. (That's right I am looking at you Europe.)

Whoever controls the money, also controls the country.

[acquafredda]

Lets just hope that if a tighter regulation will be coming up it will be something that won't hurt the progression of the crypto industry.

i'm going full p2p and DEX from here on out. the regulatory situation around centralized exchanges is rather ominous.

We need more bitcoin-friendly and bitcoin-only accepting businesses as we move forward. You are absolutely right because the regulatory madness has just started. Either we will have a bitcoin-friendly environment or not, the in-between is starting to be ominous to say the least.

[bbc.reporter]

There was recent news from Albania that a gun running organization (supplying weapons to the Syrian war) with wahabist links had increased it's control in the famously violence infested corner of south-eastern Europe.

guess who was helping fund them? (and using which currency/payment network?). I expect you all need only one guess



If Janet Yellen has proof that Bitcoin funded terrorism, it's likely because her partners in crime at the CIA gave her the information, and they only know because they provided all the guns and the Bitcoins for the deals with the terrorists

I reckon for Janet Yellen and all the Democrats, it does not matter if the information about bitcoin and terrorist funding is true or not true. They only want a campaign against terrorism where they can put billions of tax payer’s money in and take much of it for themselves. Bitcoin will only be a casuality in the Democrats’ war of terrorism.

Also, those bitcoiners in social media who larped for Biden will be those similar people who will complain about Biden.

True.

All those people who thought statists and collectivists like the Biden admin would be good for bitcoin were delusional.  People who want power over others would obviously be anti a pro liberty technology.

Hehe it was Trump who was ok for bitcoin. What he says about his stance on bitcoin might be negative, however, his policies never went out of their way for a clear takedown of the cryptospace.

In any case, we will see the difference with Biden in the next 4 years. I speculate the next cryptocoin pump might be the last.

[bryant.coleman]

Exactly. Say whatever you want about Trump. Even thought Trump wasn't really a crypto fan at least he wasn't talking about "curtailing" it because he simply didn't care about it.

No matter who is in charge one thing is not going to change. No country in its right mind would give up on its national currency and use something else which they have no control on. (That's right I am looking at you Europe.)

Whoever controls the money, also controls the country.

If the US Dollar gets devalued, then the population may be tempted to use other options, such as bullion or Bitcoin. The M1 monetary supply for US Dollar has gone up by almost 100% in 2020 alone, and 2021 may be even worse as a result of all the stimulus measures announced by Biden. It is actually good news for Bitcoin. But the question is whether the government will allow free competition or not.