Connect with us

Blockchain

Janet Yellen Says She’s Concerned About Illicit Use of Crypto Assets, Chainalysis Finds 0.34% of Transaction Volume Connected to Crime

Former Federal Reserve chair and Treasury secretary nominee Janet Yellen is addressing the potential use of cryptocurrency for illicit financing. Speaking at a confirmation hearing with the U.S. Senate Finance Committee, Yellen answered questions from Senator Maggie Hassan about the potential for terrorists to use digital assets to fund illicit activities. “Cryptocurrencies are a particular […]

The post Janet Yellen Says She’s Concerned About Illicit Use of Crypto Assets, Chainalysis Finds 0.34% of Transaction Volume Connected to Crime appeared first on The Daily Hodl.

Avatar

Published

on

Former Federal Reserve chair and Treasury secretary nominee Janet Yellen is addressing the potential use of cryptocurrency for illicit financing.

Speaking at a confirmation hearing with the U.S. Senate Finance Committee, Yellen answered questions from Senator Maggie Hassan about the potential for terrorists to use digital assets to fund illicit activities.

“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 anti-money laundering doesn’t occur through those channels.”

The comments come as the blockchain analytics firm Chainalysis releases its latest overview on the real-world use of crypto among bad actors. It finds that crypto-related crime dropped to 0.34% of total transaction volume in 2020, down from 2.1% in 2019.

In addition, a study from SWIFT released in September found that criminals prefer to use cash for money laundering by a wide margin.

“Identified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods.”

As technologies behind cryptocurrencies advance, Yellen says regulatory authorities must also evolve along with it to combat terror financing.

“The technologies to accomplish this change over time. We need to make sure that our methods for dealing with these matters with tech terrorist financing change along with changing technology.”

A report released in December from the blockchain analysis firm Elliptic found that individual and small cell terrorist supporters have “been identified as attempting to fund activity using cryptocurrencies in some limited instances.”

The group says criminals are looking to exploit a lack of regulation in the international cryptocurrency ecosystem, and notes the FBI is concerned criminals could adopt privacy coins like Monero. But the firm also cautions against unsubstantiated and hyperbolic claims on how often crypto assets are used for crime.

“Cryptocurrencies are frequently thought of in connection to their potential use in money laundering and terrorist financing. But public discussion surrounding cryptocurrency crime trends is often anecdotal, sensationalized, and of little practical use to compliance officers at cryptocurrency businesses.”

Speaking at the Canada FinTech Forum in Montreal in 2018, Yellen flatly said that Bitcoin is not useful as a currency or store of value.

“It has long been thought that for something to be a useful currency, it needs to be a stable source of value, and Bitcoin is anything but. It’s not used for a lot of transactions, it’s not a stable source of value, and it’s not an efficient means of processing payments. It’s very slow in handling payments. It has difficulty because of its very decentralized nature.”

Back in 2015, Yellen encouraged a regulatory approach to digital assets that doesn’t stifle innovation.

“The costs and benefits of developing new statutes or regulations related to digital currencies should be weighed carefully. New regulation, such as the creation of special licenses for digital currency providers, may work to strengthen the soundness of virtual currency schemes and increase public trust in the products, as some may refrain from investing in or using digital currencies due to a perceived legal uncertainty and/or lack of consumer protection.

On the other hand, new regulation would need to be flexible enough to address effectively the evolving nature of digital currency systems and technology while not stifling innovation.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Greg Kushmerek

Source: https://dailyhodl.com/2021/01/20/janet-yellen-says-crypto-asset-are-particular-concern-in-senate-confirmation-hearing/

Blockchain

Avatar

Published

on

Continue Reading

Blockchain

Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front

Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000. Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop. The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation. Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially,

The post Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front appeared first on Coingape.

Avatar

Published

on

  • Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000.
  • Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop.
  • The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation.

Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially, traders anticipated support at the 100 Simple Moving Average (SMA) and the 50 SMA on the 4-hour chart, but the gravitational force seems extremely hard to stop.

Meanwhile, the bellwether cryptocurrency is trading slightly above $47,000. Short-term technical analysis shows that the least resistance path is downwards. This is emphasized by the Moving Average Convergence Divergence (MACD) on the same 4-hour chart.

The trend momentum indicator has also flipped bearish following the MACD line (blue) cross under the signal line. Additionally, the technical indicator is falling toward the midline and may extend the action into the negative region.

Bitcoin is expected to secure support at the 200 SMA to halt the losses. However, if push comes to shove, BTC will extend the bearish leg to $42,000 due to the lack of a robust support area.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The In/Out of the Money Around Price (IOMAP) model by IntoThepBlock bolsters the massive resistance ahead of the flagship cryptocurrency. Recovery from the current price levels to $50,000 will not come easy, especially with the selling pressure between $48,450 and $49,816. Here, nearly 1.1 million addresses had bought 504,000 BTC.

BTC IOMAP model
Bitocin IOMAP model by ITB

On the flip side, the same on-chain model reveals that Bitcoin’s downside is also strongly supported, which means that losses as far as $42,000 may not come into the picture. Consolidation may take place owing to the support running from $45,660 and $47,026. Here, approximately 739,000 had purchased 445,000 BTC.

The post Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front appeared first on Coingape.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://coingape.com/82773-2/

Continue Reading

Blockchain

Avatar

Published

on

Continue Reading

Blockchain

Avatar

Published

on

Continue Reading
Blockchain19 mins ago

Blockchain21 mins ago

Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front

Blockchain22 mins ago

Blockchain24 mins ago

Blockchain26 mins ago

Blockchain29 mins ago

Blockchain31 mins ago

Blockchain34 mins ago

Blockchain36 mins ago

Blockchain38 mins ago

Blockchain41 mins ago

Blockchain55 mins ago

Bitcoin Price Prediction: BTC drops below $50,000 as Wall Street bleeds

Blockchain1 hour ago

Analyst tells Tesla to dump Bitcoin for buybacks as shares plunge alongside MSTR’s

Blockchain1 hour ago

Ripple’s Brad Garlinghouse, Chris Larsen File Motions To Dismiss SEC Lawsuit

Blockchain1 hour ago

Bittrex Global Lists TheFutbolCoin (TFC)

Blockchain1 hour ago

Polkadex Raises $3M from CMS Holdings, Outlier Ventures, OKEx Capital and more

Blockchain1 hour ago

Bitcoin Price Analysis: BTC Dumps 6% As Wall Street Turns Red, Some Worrying Signs Pop

Blockchain1 hour ago

BitGo To Introduce Crypto Custodial Services To New York Clients

Blockchain1 hour ago

Blockchain1 hour ago

Blockchain1 hour ago

Blockchain1 hour ago

Blockchain1 hour ago

Blockchain2 hours ago

Blockchain2 hours ago

Blockchain2 hours ago

Experts divided on BTC predictions: Bullish or super bullish?

Blockchain2 hours ago

Blockchain2 hours ago

Blockchain2 hours ago

Blockchain2 hours ago

New to The Street to Commence Filming its “Psychedelic Spotlight” Segment Early Next Week Featuring Ehave Inc, (OTCPINKEHVVF)

Trending