Nearly 60 inaugurations have occurred since George Washington took the first oath in 1789. The peaceful transition of power—from one administration to another—has been an underlining theme throughout each executive transference. During the transitory process, President Biden’s administration proposed nominees who might take the helm of a respective regulatory body, one of which being the Treasury department.i

Two days after President Biden’s inauguration, the Senate Finance Committee unanimously approved Janet Yellen’s nomination for the Secretary of the Treasury. During the confirmation hearing, Senator Maggie Hassan (D-NH) asked the former Chair of the Federal Reserve for her outlook concerning, “[T]he potential for terrorists and criminals to use cryptocurrency to finance their activities.”ii