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Treasury Secretary Yellen Says US Does Not Have Framework ‘as much as the Process’ of Regulating Cryptocurrencies

05/05/2021
Treasury Secretary Yellen Says US Does Not Have Framework 'up to the Task' of Regulating Cryptocurrencies

U.S. Treasury Secretary Janet Yellen says that the U.S. doesn’t have an “enough framework” to take care of all of the totally different points posed by cryptocurrencies, equivalent to cash laundering and illicit financing. In accordance with her, there is no such thing as a framework that’s “fairly as much as the duty of setting up a regulatory framework that we want” for cryptocurrencies.

Yellen Sees No Ample Framework within the US to Deal With Crypto Points

Janet Yellen talked about cryptocurrency regulation at The Wall Avenue Journal’s CEO Council Summit Tuesday. The treasury secretary was requested, “Do you anticipate laws on cryptocurrencies?” Yellen replied:

I feel cryptocurrencies, we don’t actually have an enough framework to take care of the totally different points that they pose from a regulatory perspective.

She proceeded to call a number of points she sees related to cryptocurrencies, equivalent to “cash laundering, Financial institution Secrecy Act, use of digital currencies for illicit funds, [and] shopper safety.”

Yellen identified that “there are a number of companies that arguably have some means to handle this by regulation.” Nonetheless, the treasury secretary emphasised:

I frankly don’t assume we have now a framework in the US that’s fairly as much as the duty of setting up a regulatory framework that we want sooner or later.

“That’s a subject that’s properly value addressing,” she famous.

The treasury secretary was additionally requested, “What are your ideas on the digital greenback?” Yellen replied: “With respect to digital currencies and central financial institution digital currencies, I do know the Federal Reserve is taking a look at this.” She famous that “there are a number of points in reference to it,” equivalent to “other ways during which that could possibly be rolled out” and the “potential monetary stability points related to it.”

In conclusion, Yellen said that “There could possibly be an argument for a central financial institution digital foreign money,” however cautioned, “It’s one thing we have to research rigorously and watch out about.”

In February, Yellen mentioned bitcoin is “extraordinarily inefficient” and “extremely speculative.” She confused the significance of promised to work with different regulators to develop an “efficient” regulatory framework for cryptocurrencies.

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