Janet Yellen on Tuesday suggested lawmakers "curtail" the use of Bitcoin amid terrorism concerns. It was the latest sign that lawmakers & regulators could get tough on Bitcoin & Ethereum.
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Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin
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Janet Yellen, President-elect Joe Biden's nominee for treasury secretary, suggested on Tuesday that lawmakers "curtail" the use of cryptocurrencies such as bitcoin over concerns that they are "mainly" used for illegal activities. There has been a surge in interest in bitcoin; its price has soared by about 300% in the past year. Bitcoin was down 7.59%, to $34,183.57, on Wednesday, while Ethereum was down 9.74%, to $1,259.97, after hitting an all-time high of more than $1,430 on Tuesday. Yellen's comments suggested the incoming Biden administration could be hostile to cryptocurrencies and ramp up regulation. Watchdogs around the world, from the European Central Bank to the UK's financial regulator, have recently expressed concerns about cryptocurrencies like Bitcoin.
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