US Treasury’s Secret Surveillance on Bank Transactions: Impact on Bitcoin (BTC) and Cryptocurrency Privacy under Yellen’s Leadership

  • US Treasury Secretary Janet Yellen responds to accusations of the US government and financial institutions spying on Americans’ private bank transactions.
  • Allegations suggest that the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) urged banks to surveil their customers’ transactions as part of the investigation into the January 6th, 2021 riot on Capitol Hill.
  • Yellen confirms that there were communications between FinCEN and financial institutions, but denies any illegal activity.

US Treasury Secretary Janet Yellen addresses allegations of government surveillance on private bank transactions, asserting that the actions were part of an investigation into the Capitol Hill riot.

Yellen Responds to Accusations of Government Surveillance

US Treasury Secretary Janet Yellen has responded to allegations that the US government and several financial institutions have been spying on Americans’ private bank transactions. The House Judiciary Committee recently published a memo accusing the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) of urging banks to monitor their customers’ transactions and flag a list of keywords “without legal process” as part of the investigation into the January 6th, 2021 riot on Capitol Hill.

FinCEN’s Alleged Communications with Financial Institutions

In recent testimony to the House Ways and Means Committee, Secretary Yellen answered a direct question on whether FinCEN emailed search term suggestions like “MAGA” and “Trump” to financial institutions. She confirmed that there were communications, but explained that in some cases, financial institutions suggested search terms they had used that had been helpful in identifying potential perpetrators of the January 6th incident. Yellen emphasized that this was a way of trying to narrow the scope of search for individuals who, based on other information available to the financial institutions, may have been guilty of illegal behavior.

Concerns Over Warrantless Searches

Ohio Republican and Judiciary Chairman Jim Jordan expressed concerns that the searches were conducted without any warrants or pending charges against specific individuals. He claimed that financial institutions are sending Americans’ information directly to the FBI, without a warrant, and that the FBI and FinCEN are using banks to engage in fishing expeditions without any link to criminal conduct. He urged Secretary Yellen to disavow this practice.

Conclusion

While Secretary Yellen has addressed the allegations, concerns remain over the legality and ethics of the government’s surveillance practices. The debate continues as to whether these actions are a necessary measure for national security or an infringement on individual privacy rights.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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