WATCH: Treasury Secretary Calls For Crypto Regulation• February 6, 2024 5:12 pm • Comments
Treasury Secretary Janet Yellen is imploring Congress to pass tougher crypto regulation.
During her appearance before the House Financial Services Committee, Yellen described the crypto industry as posing systemic risks to the U.S. financial system.
The lifelong bureaucrat focused her commentary on stablecoin regulation and digital assets that qualify as securities—which makes Bitcoin exempt from her proposed regulatory overhaul.
Following her comments, Yellen received a letter from a concerned Congressman asking why she is demanding increased crypto regulation.
Take a look at what she had to say to Congress regarding the crypto industry and markets:
JUST IN: 🇺🇸 Treasury Secretary Janet Yellen calls on Congress to pass crypto legislation. pic.twitter.com/uwiO5w9lIm
— Watcher.Guru (@WatcherGuru) February 6, 2024
JUST IN: 🇺🇸 Congressman demands answers from Janet Yellen on her call for increased crypto regulation pic.twitter.com/Rddn7KvFXP
— BlockNews.com (@blocknewsdotcom) February 6, 2024
CoinDesk outlined Yellen’s work with the Financial Stability Oversight Council that she heads:
The council, which is meant to head off the next financial crisis before it happens, has paid special attention to crypto risks in recent years, putting them among the top categories of potential worry.
Entrepreneur, real estate, and crypto investor Kevin Estopinal remarked: “US Treasury Secretary Janet Yellen calls for regulation on crypto assets that aren’t securities. Good thing Bitcoin isn’t a security.”
US Treasury Secretary Janet Yellen calls for regulation on crypto assets that aren't securities.
Good thing #bitcoin isn't a security.
— Kevin Estopinal (@KevinEstopinal) February 6, 2024
🇺🇸 U.S. Treasury Secretary Janet Yellen warns #Congress of #crypto hazards 🚨, including stablecoin dangers, platform runs, and price volatility, and calls for crypto regulation 💼. #Web3 #Finance #CryptoNews pic.twitter.com/01RtKvoMAn
— 1ATH.Studio (@1ATHStudio) February 6, 2024
According to Coin Speaker:
Legislators, including Senators Cynthia Lummis and Representatives Mike Flood and Wiley Nickel, have introduced a joint resolution to block the SEC bulletin, highlighting the contentious nature of crypto regulation in the US.
Meanwhile, Yellen’s testimony comes amid growing regulatory scrutiny of the emerging economy in the United States.
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