Blockchain and Cryptocurrency: People, Culture and Tech
Last week, Yellen calmed some fears that arose after she said in her Jan. 21 testimony before the Senate Finance Committee that she wanted to “curtail” the “malign activities” that for which digital assets have been used.
The former U.S. Federal Reserve chair said that she wanted to “curtail” the use of digital assets—amid concerns that it could be used for money laundering and the financing of terrorism. But in a written submission to the Senate Finance Committee, Yellen’s approach to Bitcoin and other digital assets seemed to be a little softer.
Outgoing Treasury Secretary Steve Mnuchin caused an outcry on Dec. 18, when the department’s Financial Crimes Enforcement Network announced the new rule requiring banks, cryptocurrency exchanges, and other money services businesses to collect know-your-customer (KYC) data about anyone who wants to transfer $3,000 or more to or from an “unhosted” wallet.
The hours prior to Biden’s inauguration saw a rebound in a previously declining U.S. dollar, something which came in tandem with BTC/USD cementing daily losses of 7%. The largest cryptocurrency had previously spent the week ranging slightly higher, with speculation rife that a breakout was due but that the direction it could take was unclear.
