Treasury Secretary nominee says crypto has potential to improve the

U.S. President Joe Biden’s pick for Treasury Secretary Janet Yellen may see more benefits to cryptocurrency than her previous testimony indicated.

After a virtual hearing of the U.S. Senate Finance Committee held on Tuesday, Yellen hit the headlines for her answer to Democratic Senator Maggie Hassan’s question about how she would respond to “emerging financial technology” being used to fund criminal organizations and terrorists. Yellen referred to cryptocurrencies as a “growing concern” in the U.S., said they were used “mainly for illicit financing” for the aforementioned groups, and that the U.S. government needed to examine ways to “curtail” the use of crypto as part of their anti-money laundering efforts.