In a speech by Presidential Secretary-elect Joe Biden, Treasury Secretary-elect Janet Yellen expressed her stance on cryptocurrency, which is considered to be closely linked to crime.
Clearly, the use of Bitcoin (BTC) is so widespread among terrorists and money laundering activities, including the use of cryptocurrencies in illegal financial transactions.
As a result, Yellen urged the supervisors to find ideas to curb the use of cryptocurrencies and ensure that no money laundering activities take place through crypto channels.
Yellen's criticism did not surprise the entire crypto sector as he had previously been vocal in criticizing Satoshi Nakamoto's assets. However, there are still concerns over the rules that will be introduced following the comments in the Senate Finance Committee.
At the same time, the crypto market is seen to be less receptive to the impact of Yellen’s speech with altcoins indicating positive price movements, supported by several blockchain projects.
For example, the Engine (ENJ) has jumped 71% after the project was approved by the Japanese Virtual Currency Exchange Association (JVCEA) for trading activities.
At the time of writing, Ethereum (ETH) is still strong towards an all-time high, trading at $ 1,373 while BTC recorded a price of $ 35,980, down 2.41%.
