Treasury nominee Yellen is looking to curtail use of cryptocurrency

Enlarge / Janet Yellen, Joe Biden's nominee to be Secretary of the Treasury, at a December press conference. (credit: Alex Wong/Getty Images)

Cryptocurrencies could come under renewed regulatory scrutiny over the next four years if Janet Yellen, Joe Biden's pick to lead the Treasury Department, gets her way. During Yellen's Tuesday confirmation hearing before the Senate Finance Committee, Sen. Maggie Hassan (D-N.H.) asked Yellen about the use of cryptocurrency by terrorists and other criminals.

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

She said she wanted to "examine ways in which we can curtail their use and make sure that [money laundering] doesn't occur through those channels."

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