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Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins

In a letter addressed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has expressed her support for the implementation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures for stablecoins. Warren’s letter emphasizes the importance of adopting the full suite of AML tools requested by the Treasury Department in a November 2023 letter to Congress.

Warren highlights the growing threat that cryptocurrencies, particularly stablecoins, pose to national security. She specifically mentions the reliance of Iran and Hamas on crypto to fundraise and finance terrorist attacks. To effectively combat this threat, Warren argues that any new crypto legislation must include the comprehensive AML/CFT authorities requested by the Treasury Department.

The Senator references Deputy Secretary Adewale O. ‘Wally’ Adeyemo’s testimony before the Senate Committee on Banking, Housing, and Urban Affairs, where he emphasized the need for additional AML authorities to counter the threat posed by cryptocurrencies. Warren points out that excluding key players in the digital asset ecosystem, such as miners and validators, from AML/CFT requirements would allow bad actors to profit from the increased crypto trading facilitated by stablecoin legislation.

Warren’s stance on the regulation and oversight of crypto aligns with her previous efforts to rein in illegal activities and protect consumers, the financial system, and national security. She has been an advocate for closing loopholes in AML rules that allow sanctioned entities like Iran to earn revenue through crypto transactions. Additionally, Warren has raised concerns about the use of crypto in terrorist financing and has called for stronger rules to protect consumers and national security in stablecoin-related legislation.

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Unveiling the Top 5 Surprising Views on Blockchain by AFF leaders

The Asian Financial Forum (AFF) will be hosted at the Hong Kong Exhibition and Convention Centre over two days beginning on 13th of January. The AFF brings together some of the most influential leaders of the global financial and business community to discuss developments and trends in the dynamic markets of Asia.

Blockchain, cryptocurrencies, fintech and virtual assets will be at the centre of many of the discussions and we have selected a few of the speakers that we are most intrigued by and some that our readers may not realize are important or outspoken in the blockchain and crypto space. We have purposely excluded the usual suspects—if you don’t know what PWC’s Henri Arslanian thinks about crypto by now, we really can’t help you.

Below is snapshot of five speakers we are intrigued to hear from and what we understand about their thoughts so far on the new forms of money and finance.

1. Dr Janet L. Yellen

Dr. Janet L. Yellen was the chair of the Board of Governors of the Federal Reserve System from February 2014, serving a full four-year term, to February 3, 2018.

Yellen is a well-publicized crypto skeptic and made headlines on Oct. 29th, 2018 at the Canada FinTech Forum, when she voiced strong concerns regarding Bitcoin and central bank-issued cryptocurrencies.

“I will just say outright I am not a fan, and let me tell you why,” Yellen said. “I know there are hundreds of cryptocurrencies and maybe something is coming down the line that is more appealing but I think first of all, very few transactions are actually handled by bitcoin, and many of those do take place on bitcoin are illegal, illicit transactions.”

Regarding central bank digital currencies, Yellen took aim at other perceived issues. For one thing, central bank-issued cryptocurrencies “could have negative impacts on financial stability,” she said. Yellen further cited that digital cash is effectively untraceable and could lead to further terrorist financing, money laundering and would also make people targets for cyber-attacks.

Yellen will make two appearances at the AFF, the first will be to give a keynote speech on independent monetary policy free from government interference, of which she is an advocate. Her second appearance will be at the end of the first day where she will be engaged in an individual dialogue.

2. Prof Abhijit Vinayak Banerjee

Professor Banerjee is a Ford Foundation Professor of Economics of the Massachusetts Institute of Technology. He was the recipient of the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, awarded jointly with Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”

Banerjee will speak at the keynote luncheon on the 14th of January at AFF on the topic of financial inclusion. Financial inclusion is a common developmental theme for developing countries, such as India, which houses more than 90% of the world’s unbanked population.

Those in the crypto space know that cryptocurrency adoption is high in unbanked majority countries as it provides a cheap and fast from of remittance and comparatively low fees to any Swift or Western Union transfer.

While Banerjee has not been outspoken in the blockchain and crypto space, he and his team are known for approaching subjects with a measure of practicality and we are certain his speech will need to address the technology which is currently offering a practical measure for financial inclusion to the unbanked.

3. Dr Geraldine Buckingham

Dr. Geraldine Buckingham is BlackRock’s Chair and Head of Asia Pacific and a member of the firm’s Global Executive Committee.

She previously served as BlackRock’s Global Head of Corporate Strategy and was the youngest executive reporting directly to CEO Larry Fink, Buckingham was tasked with long-term strategic thinking at the world’s largest asset manager.

During her career with Blackrock, Buckingham became quite well known for helping lead the firm — and its $5.7 trillion under management — to double down on algorithms and robot traders making investment decisions over human stock pickers. Beyond tracking tech trends, the former emergency room surgeon also keeps a finger on the pulse of politics and regulatory changes. She was named to Fortune Magazine and Crain’s New York Business’ “40 Under 40” lists for 2017.

Set to appear on a Panel discussion on Asset and Wealth Management in Asia, we are intrigued to hear her thoughts on the complex environment asset managers are faced with due to the rapid wealth accumulation and unprecedented growth of asset and wealth management in Asia and specifically China. Will her proposals for better risk-adjusted returns lean heavily to toward technological applications? History would indicate as much and an article published by Cointelegraph on July 19th 2019 quotes Larry Fink as suggesting that the world needs “technology” to reduce interchange and transaction fees not a new currency such as “Libra”.

4. Mr Jin Liqun

Mr Jin Liqun is the President and Chairman of the Asian Infrastructure Investment Bank (AIIB).

Liqun has had a very distinguished career to date. He was formerly the Chairman of China International Capital Corporation, the Vice President of the Asian Development Bank and the Vice Minister of Finance of the People’s Republic of China.

While Liqun has not been exceptionally outspoken in the blockchain field, he is obviously a key figure in the financial services sector faced with the increasing challenges of the global macro-environment. Countries across the world are seeking innovative ways to achieve breakthroughs for financial growth and inclusion.

As the AIIB will play a key role in China’s Belt and Road Initiative which will reinvigorate the old silk road and create enhanced trade and financial services across Eurasia and Africa. Liqun should be the man to look out for on supporting inclusive growth, particularly with the successive advancement of Fintech. In a recent AIIB report entitled Infrastructure 3.0—how new technologies will facilitate intra-Asian trade and integration, the organization outlines distributed ledger technology (DLT) as an enabling technology. The report further stipulates that it is not “whether” these innovations will find their way into regional supply chains, but “when” and how quickly.

5. Mr Sergey Shvetsov

Sergey Shvetsov is the First Deputy Governor of the Bank of Russia. In 2017 Russia decided to outlaw Bitcoin exchange websites. At the centre of the announcements was Sergei Shvetsov.

This announcement had a severe effect on the Bitcoin price that was rallying towards $5,000. In a flash crash, Bitcoin’s value dropped by $600 before rebounding somewhat. Shvetsov was quoted at a conference in Moscow saying, “We can not stand apart. We can not give direct and easy access to such dubious instruments for retail (investors),”

Shvetsov will appear on a panel discussion on the first day off AFF and will discuss the need for financial institutions to explore innovative ways to remain profitable and competitive. As this discussion will include making use of emerging technologies and considering alternative markets—we are certain the subject of cryptocurrency and stablecoins will be broached and given Russia’s continued apprehension towards Bitcoin, we will be front row to hear how his opinions have developed.See you at the Asian Financial Forum—for more information please visit the official website.

Former Fed Chair Janet Yellen Comments on AI and Technology Advancement at the AFF 2020

At this year’s Asian Financial Forum, held in Hong Kong, former Federal Reserve Chair Janet Yellen was invited to speak at a Luncheon with moderator Norman Chan, the Senior Advisor at the Hong Kong Academy of Finance.

She started off elaborating on her life after working for the Federal Reserve, “Once a central banker, always a central banker. I find myself addicted to central banking.” Yellen also mentioned the current state of central banking, that the “processes are coming together, but it is important to keep in mind of finding common ground.”

She was asked whether existing central bankers, could be replaced with AI robotic policymakers. Yellen responded that she was not sure about how AI will listen to experiences, and communicate with stakeholders, as central bankers do a lot more than interpret data; they also need to understand what people see in their lives.

Yellen believes that political independence “might be a good idea,” as economic performance is best when central banks work independently from politics. In contrast, US President Trump believes that central banks should not have independence and should have political influence. Concluding her response to the question, Yellen believes that her successors and colleagues have been doing a great job and have been making non-political judgments.

On the note of disruptive technology, Yellen said that the current Trump administration’s foreign policy had driven attention to advanced technology as “having national security issues.”

However, Yellen has confidence in technology, saying, “Tech will be central to military applications, and all important computational applications in the future.” She added that some of the current technological applications are not compatible and interoperable; therefore, the advancement of technology would be necessary for welfare, and the tensions between the US and China as well.

Janet Yellen says Crypto Terrorist Financing is a Concern Following Attacks on US Capitol

Former Federal Reserve Chair Janet Yellen highlighted the “growing concern” of crypto being leveraged to finance terror just weeks after the US Capitol came under attack from domestic terrorists.

President-elect Joe Biden has named former Fed Chair Janet Yellen to lead the United States Treasury Department when his administration formally takes office, which is expected to occur later today.

Yellen said that the United States needs to examine how it can curtail the use of crypto for illicit financing.

The former Fed Chair’s remarks come just two weeks after a mob of domestic terrorists stormed the US Capitol Hill building allegedly in an attempt to overturn the defeat of President Donald Trump in the recently concluded presidential elections.

While the mob allegedly stormed the Capitol building in an attempt to disrupt the Electoral college vote count by a joint session of Congress and prevent the formalization of president-elect Joe Biden’s election victory—new evidence has come to light indicating these violent protestors had been paid in Bitcoin.

Janet Yellen Concern Over Crypto Illicit Financing

The incoming Secretary of the Treasury, Yellen made the comments during her Senate confirmation hearing in response to a question from Sen. Maggie Hassan (D-NH) who asked about the potential for cryptocurrency to be leveraged in financing criminal and terrorist activities.

Yellen answered:

“The technologies to accomplish this change over time and we need to make sure that our methods for dealing with these matters, with tech terrorist financing, change along with changing technology, cryptocurrencies are a particular concern.”

The former Fed Chair added:

“I think many [cryptocurrencies] 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.”

Attacks on the Capitol Paid in BTC

Investigations of the US Capitol Hill riot indicate that payments to the domestic terrorists were made in Bitcoin from a French donor who went by the pseudonym “pankkake”.

The BTC transferred to the violent protestors was worth over $500,000 (around 28.15 Bitcoins) and distributed to 22 different digital wallets. Most of the recipient addresses belonged to internet personalities and far-right activists, and the payments were made right before the storming of Capitol Hill.

A report reveals that the French donor left a suicide note a day after he transferred the donations to the right-wing activists and organizations. However, it is yet to be established if the French computer programmer is dead or still alive. The report shows that the mystery donor left the suicide note on a personal blog a day after he transferred the Bitcoin donations.

In the suicide note, “pankkake”, revealed that his health difficulties caused him to take such extreme actions. He further stated that he had “bequeathed [his] fortune to certain causes and certain people.” In other sections of his blog, the donor talked about the collapse of the “Western civilization,” that made him hate his heritage and ancestors. The anonymous donor wrote:

“I care about what happens after my death. That’s why I decided to leave my modest wealth to certain causes and people.”

Chainalysis blockchain and cryptocurrency analysis firm conducted investigations into the Bitcoin transfer and identified that Trump supporter and internet personality Nick Fuentes was the largest beneficiary of the donations. He obtained 13.5 Bitcoin worth around $250,000.

Chainalysis said that it cannot be determined for sure whether the funds from the French donor assisted in financing the US Capitol Hill riot. However, Acting US attorney, Michael Sherwin, stated that the investigation into the matter has so far rendered it as unprecedented, with prosecutors treating the case as a counterintelligence or counterterrorism investigation.

Crypto Used Far Less than Fiat to Launder Money

Last week, ECB President Christine Lagarde said that Bitcoin is a “funny business” asset that is used for money laundering and needs global regulation.

Christine Lagarde was unequivocal in her criticism. She stated:

“For those who had assumed it might turn into a currency — terribly sorry, but this is a highly speculative asset which has conducted some funny business and some interesting and totally reprehensible money-laundering activity.”

Despite the claims of Janet Yellen and ECB President Lagarde, a SWIFT report published last year in September entitled “Follow the Money” revealed that money laundering via cryptocurrencies is not a preferred tool for criminals.

The report highlighted that traditional methods like cash mules, cash businesses, and drug trade remain at the forefront of laundering activites, and criminals are still using cash over crypto in these activities at a ratio of 800:1.

The SWIFT report, however, did find that the use of cryptocurrency for laundering stolen bank funds will rise in the future and privacy coins and online marketplaces are an upcoming threat.

Per the report:

“Favorable factors include the growing number of altcoins (alternative cryptocurrencies) that have recently launched and which focus on providing full transaction anonymity,” it noted. However, private cryptocurrencies and online marketplaces are an upcoming threat.”

President-elect Joe Biden will officially take office tomorrow and Janet Yellen is anticipated to be the new United States Secretary of the Treasury.

Treasury Secretary Nominee Janet Yellen Plans to Encourage Legitimate Crypto Use

President Biden’s pick to lead the United States Treasury Department, Dr. Janet Yellen thinks crypto has the potential to enhance the financial system and wants to encourage its legitimate use-cases.

President Joe Biden has nominated Janet Yellen as Secretary of the Treasury, and while her comments on cryptocurrency last week appeared to be negative—the former Federal Reserve chair has revealed that she sees great potential in the nascent digital asset class.

Yellen initially said that the US needs to examine how it can curtail the use of crypto for illicit financing which she explained was its main use during her Senate confirmation hearing last week, She made the comments in response to a question from Sen. Maggie Hassan (D-NH) who asked about the potential for cryptocurrency to be leveraged in financing criminal and terrorist activities.

While it appeared that Yellen was destined to be another old-world cryptocurrency opponent, a written statement published on the Senate Finance Committee website today indicates that the incoming Secretary of the Treasure may have a more positive view on the potential for crypto to reshape the United States financial system.

In her statement, Yellen did again state the need for the US to confront the use of illicit activities leveraging crypto, this time she added that she also plans to encourage legitimate leveraging of digital assets.

The former Fed Chair wrote:

“I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system.”

Yellen added:

“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. If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations.”

The overall outlook of Yellen appears quite bullish for cryptocurrency, as a regulatory framework for Bitcoin and digital assets would give much needed concrete legitimacy to the nascent crypto sector.

The Senate Finance Committee will hold an official vote on Yellen’s nomination tomorrow, after which it will go to the Senate chamber. If confirmed, Yellen would also be the first woman in history to serve as the United States Treasury Secretary.

Former Fed Chair Janet Yellen Confirmed in Senate as new US Treasury Secretary

After being nominated by President Joe Biden to serve in his administration, the United States Senate has now confirmed former Federal Reserve Chair Janet Yellen to serve as Treasury Security.

Yellen’s role as US Treasury Secretary was confirmed by the Senate in a landslide vote of 84-15 in favor of the former Fed Chair—days after she won unanimous backing from both Democrats and Republicans on the Senate Finance Committee.

Yellen’s Approach to Cryptocurrency

Yellen’s nomination initially caused alarm in the cryptocurrency community when she said that the US needs to examine how it can curtail the use of crypto for illicit financing which she explained was its main use during her Senate confirmation hearing last week. She made the comments in response to a question from Sen. Maggie Hassan (D-NH) who asked about the potential for cryptocurrency to be leveraged in financing criminal and terrorist activities.

While it appeared that Yellen was destined to be another old-world cryptocurrency opponent, a written statement published on the Senate Finance Committee website further indicated that the incoming Secretary of the Treasure may have a more positive view on the potential for crypto and digital assets to reshape the United States financial system for the better.

The former Fed Chair wrote:

“I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system.”

Yellen added:

“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. If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations.”

US Treasury Secretary Janet Yellen Cites Crypto’s Growing Role in Terrorism Finance

United States Treasury Secretary Janet Yellen said yesterday that she sees the “promise” of cryptocurrency but also is wary of the reality that crypto is increasingly being leveraged to finance terrorism and launder funds.

Speaking at a financial sector innovation policy roundtable on Feb.10, Yellen said in her opening remarks:

“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.”

The former Federal Reserve Chair, Yellen has once again warned that cyberattacks and digital currency-related crimes were on the rise and maintains that while cryptocurrency has a lot of potential to revamp our financial system—crypto’s illicit use cases are a “growing concern.”

Yellen made reference to the Anti-Money Laundering Act passed into law by Congress last December that requires the U.S. government to update its anti-money laundering/countering the financing of terrorism (AML/CFT) laws—according to Yellen, the existing regulatory framework has not been updated much since its creation in the 1970s.

With the rise of digital assets and cyberfraud, the Treasury Secretary said:

“The update couldn’t have come at a better time. As this group knows very well, we’re living amidst an explosion of risk related to fraud, money laundering, terrorist financing, and data privacy.”

Yellen added that the United States Treasury Department, alongside regulatory agencies under its supervision, “can better stem the flow of dark money.”

Yellen added:

“And we’ll be better positioned to stop adversaries from hacking our institutions or interfering in our elections.”

Treasury Secretary Yellen’s latest comments on the use of crypto in illicit activities like money laundering and terror finance come after her initial warning from her Senate confirmation in mid-January.

While it appeared that Yellen was destined to be another old-world cryptocurrency opponent, a written statement published on the Senate Finance Committee website on Jan 22, indicated that the incoming Secretary of the Treasure may have a more positive view on the potential for crypto to reshape the United States financial system.

The former Fed Chair wrote:

“I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system.”

US Lawmakers Question Tron and DLive

Yellen’s new comments also come just days after two U.S. lawmakers published an open letter to Tron founder Justin Sun and DLive CEO Charles Wayn in the wake of the Capital riots—asking them to explain how they moderate extremist and white supremacist content.

The pair of U.S. lawmakers—who are part of the House Select Committee on Intelligence—published the open letter on The Verge on Tuesday and asked Sun and Wayn to explain how they plan to prevent extremist content from being broadcast on the crypto streaming platform in the wake of last month’s attempted insurrection in Washington at the confirmation of President Joe Biden.

The US representatives asked for Sun and Wayn to explain in detail how DLive, the decentralized video streaming alternative to YouTube, can protect younger users from extremist content and whether the company has any methods to identify bad actors financing extremist content.

A hearing will be held later this month by the House Financial Services Subcommittee on the financing of domestic terror following the Jan. 6. Insurrection on Capitol Hill where the discussion will likely focus on a $500,000 transaction in Bitcoin made by a French extremist and blogger to pay right-wing figures who appear to be heavily involved in the attack.

Bitcoin Price Drop, An Aftermath of Janet Yellen Calling the Cryptocurrency "Extremely Inefficient"

Bitcoin (BTC) is leading a massive crypto market correction after hitting all-time highs above $58,000 just days ago. The price drop is not uncommon owing to the volatility that rocks the market, and following Bitcoin’s lead, the majority of the altcoins are now also in the red zone.

The steep correction in the price of Bitcoin may be attributed to the comments made by Treasury Secretary, Jannet Yellen, who called out the digital currency saying it is “Extremely Inefficient,” as a payment method, a position that has been faulted by the cryptocurrency community.

“I don’t think that bitcoin is widely used as a transaction mechanism,” Yellen told the DealBook DC Policy Project. “It’s an extremely inefficient way of conducting transactions and the amount of energy that’s consumed in processing those transactions is staggering.”

Additionally, Yellen re-affirm her concerns on the use of Bitcoin for illegal transactions, particularly money laundering and drug trafficking.

“To the extent it is used, I fear it’s often for illicit finance,” Yellen said. “It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer.”

The ascension of Janet Yellen has ushered in a new level of concern for cryptocurrency enthusiasts as the new Treasury boss is not so optimistic about Bitcoin, and related digital assets.

The comments have sent some shockwaves into the market, and Bitcoin, at the time of writing according to CoinMarketCap is down by 10.96% to $50,107.50. The coin dropped as low as $49,000 before showing signs of recovery.

The entire cryptocurrency industry is anticipating a bounce back, with some strengthening their crypto portfolio by buying more coins now that prices are down, and in anticipation of a quick rebound in the near term.

America to Build its Digital Dollar Based on General Consensus

The United States Treasury Secretary Janet Yellen said that the move by the American Federal Reserve to develop a Digital Dollar or Central Bank Digital Currency (CBDC) can only take place following a general consensus amongst all parties of interest.

Speaking at a Reuters’ Next conference interview, Yellen highlighted the White House, central bank, and parliament as amongst the major parties that must agree to the consensus before the CBDC is developed.

Yellen herself noted that she has not yet formed an opinion on whether to proceed with the Digital Dollar development despite other major economies currently making advances in this regard.

“I see both pros and cons to doing it. And my own mind is not made up about this,” Yellen said.

The Treasury Secretary commented on the expected Federal Reserve report on the Digital Dollar subject, adding that the apex bank understands the need to reach a consensus before proceeding with the development.

“This is a decision that’s important and needs to command consensus. There are some benefits, but there are also meaningful costs,” Yellen said. “It can work to disintermediate the banking system. And, you know, we need to work through the pros and cons. I don’t have a view yet.”

The United States currently lags behind its economic rival, China in the development of a Digital Dollar. The People’s Bank of China (PBoC) has been conducting advanced retail trials with respect to its Digital Yuan pursuits. While the Asian giant has not yet declared when its Digital money will be officially launched, its current trial successes are indicative of the right model an advanced nation pursuing a CBDC should trail.

The US is still far behind in the CBDC race and as Yellen noted, no concrete decision has been made with respect to this thus far. Amongst the core challenges the country will have to deal with is the sanctions bypass from the growing use of Digital money amongst nations, including Russia that is currently on the Treasury Department’s sanctions list.

US Treasury Secretary Yellen Optimises to Recognize Crypto Role in Finance

In an interview with CNBC last Friday, US Secretary of the Treasury Janet Yellen acknowledged crypto’s rising role in American finance.

Yellen said that she will work towards creating guidance for future regulation that supports innovation in the crypto space.

In the interview, Yellen told CNBC, “there have been benefits from crypto and we recognize that innovation in the payment system can be a healthy thing. We would like to come out eventually with recommendations that will create a regulatory environment [for] innovation.”

However, she stated that still there are some concerns over crypto assets related to consumer and investor protection, financial stability, and their use in illicit transactions.

Yellen disclosed that she will continue working with the Treasury Department to issue recommendations on the use of cryptocurrencies, which could help develop a regulatory environment that promotes innovation.

Responsible Innovation

Yellen is often seen as an enemy of crypto, but that is not so. Most of her issues appear to be with the use and misuse of existing digital currencies, rather than with the overall concept of cryptocurrency.

In her public remarks, Yellen has shown her desire to preserve crypto’s potential for productive innovation while eliminating its harmful impact on society. She has helped to set the tone for how the U.S. government deals with cryptocurrency and crypto brokers. She seems to agree with the need for some sort of formal regulations around digital currencies.

In February last year, Yellen raised her concerns about Bitcoin’s “highly speculative” nature, use in “illicit” activities, and protection for investors. She noted her worry about potential losses that investors could suffer under the volatility in crypto.

In May last year, Yellen’s Treasury Department detailed plans to have any crypto transfers of at least $10,000 be reported to the Internal Revenue Service (IRS). The report is part of the Biden administration’s plans to beef up the IRS in hopes of collecting more tax revenue that goes unreported.

Early this month, Yellen praised President Joe Biden’s “historic” executive order on cryptocurrency. In a statement, Yellen said that the approach will support responsible innovation that could result in significant benefits for the country, businesses, and consumers.