Biden Treasury pick Janet Yellen warns cryptocurrency poses terrorism risk

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,” Yellen said Tuesday in remarks reported by Coindesk.

Biden Treasury pick Janet Yellen warns cryptocurrency poses terrorism risk

While on the surface it appears like there is little to be concerned about, and I doubt they will come right out and make it illegal to participate in crypto I do see a laundry list of new regulations coming which will not bother the well off but us peons and small business owners are screwed.

My guess is the Fed doesn't want people to squirrel away money where uncle sugar cant get his cut, since they already gutted the meaning of the word racist, looks like terrorist will be the new buzz word for those that don't fall in line.

I wasn't a fan of Yellen when she was at the fed, and I am less of a fan now with her at treasury and even more ability to impact my decisions for my families future.

a reply to: Irishhaf


How long did people think crypto would go unregulated?
There is tax revenue to be had.

a reply to: Irishhaf
It is all about control?

Gotta prop up the petrodollar. Can’t allow any competition or the system collapses.

a reply to: shooterbrody

Of course it is.
He who controls the money has the power.

Crypto will start to be regulated and taxed then the price will drop in a major way.
The whole point of having crypto will be eliminated.

originally posted by: Bluntone22
a reply to: Irishhaf


How long did people think crypto would go unregulated?
There is tax revenue to be had.

Most of it will be subject to capital gains taxes anyway. The majority of my portfolio is at Coinbase, so it's getting reported anyway. Even with offshore exchanges, that money has to get onshore somehow (unless it's some exchange debit type card), so your bank would likely have to report the transaction with a form 8300. Even trying to circumvent that with multiple transactions under 10,000 will likely trigger it as suspicious by your bank's fraud department anyway.

a reply to: Bluntone22

It will be interesting to see how they would do that. In other words, what would the valuation be? Tax date or spend date?

Crypto acts like an equity, but will they want to tax it like cash?

Obvious play at a govt issue crypto.

They got left behind and the dollar continues to shrink.


The fear of losing control is pungent.

a reply to: Irishhaf

I know a few Biden voters into BTC having a WTF moment.

a reply to: peter_kandra

The $10k thing is not really the cut off line.
Banks are required to report any "suspicious" activity. That could be as little as a teller getting an odd vibe from someone.

a reply to: loam

They might decide to get you on both ends.
What's stopping that?

a reply to: Bluntone22
It will be interesting to see this play out from the left.
Who knew they were such hawks on "terror"?
BTW how many "terror" attacks have we had lately?

a reply to: shooterbrody

We had a lot of terror attack if you count the "protests"

a reply to: Bluntone22
Are they still classified as "protests "?
I heard tear gas was used against "protestors" in portland by FEDERAL agents.

I could have sworn the governor there forbade that recently....

They don’t care about the terrorism, they just care about getting their cut when money moves around.

My guess is they will just try to tax crypto gains more, which will lead to people getting better at hiding their crypto gains.

a reply to: Bluntone22

Regardless, I think given this environment, crypto is already toxic.

I knew this was coming last year when the IRS wanted to know if you held crypto assets, even though it figured nothing into that year's tax liabilities.

a reply to: loam
Seems they were ahead of the curve?
That is interesting as well.

a reply to: shooterbrody

Most definitely.

Hope people remember how they filled out that question, because it might come to bite them later.

originally posted by: Quantumgamer1776
They don’t care about the terrorism, they just care about getting their cut when money moves around.

My guess is they will just try to tax crypto gains more, which will lead to people getting better at hiding their crypto gains.

They could tax the initial purchase. Call it a fee because the currency is avoiding the administrative costs of government currency.

Then tax the end like standard taxes.

If the goal is to do away with crypto that's how I would do it.

Well YES OF COURSE Janet Yellen warns cryptocurrency poses terrorism risk 🤣🤣