THELOGICALINDIAN - The Treasury wants to advice ensure the amenable addition of cryptocurrency technology in the US
Treasury Secretary Janet Yellen has delivered her aboriginal feature accent on cryptocurrencies afterward President Biden’s crypto-focused Executive Order at the alpha of March.
Yellen Shares Stablecoin Concerns
Stablecoins arise to be the Treasury’s top antecedence for crypto regulation.
Speaking at the American University in Washington, DC, Thursday, Treasury Secretary Janet Yellen covered her organization’s access to cryptocurrency adjustment in ablaze of President Biden’s crypto-focused Executive Order released at the alpha of March.
“President Biden’s Executive Order tasked experts beyond the federal government with administering all-embracing assay to antithesis the amenable development of agenda assets with the risks they present,” said Yellen, highlighting six crypto action objectives. These objectives focus on attention consumers, advancement banking stability, and acknowledging “responsible innovation.”
In particular, Yellen accent the risks that stablecoins could potentially affectation to the broader U.S. economy. She declared that although best stablecoin providers say acceptable assets aback their coins, there is currently no legislation ensuring that stablecoins can be adapted aback into dollars. “We’re now alive with Congress to beforehand legislation to advice ensure stablecoins are airy to accident that could endanger consumers and the broader banking system,” she added.
Aside from accouterment the Treasury’s ambition to adapt the stablecoin market, the butt of Yellen’s accent refrained from authoritative specific assertions on cryptocurrency regulation. Yellen opined about the allowances of abstruse addition to the banking arrangement while answer that any added authoritative developments will be based on the “risks and activities” rather than the basal technology. “Whenever possible, adjustment should be technology-neutral,” she said.
Yellen’s animadversion broadly chase her antecedent accessible statements apropos cryptocurrency regulation. Despite actualization to bifold bottomward on her opinion that regulators charge act bound on stablecoins, she additionally advised the allowances of blockchain technologies and how they could advice advance the lives of millions of Americans.
For now, it appears that the Treasury will abide to booty a added bourgeois access to crypto regulation. Yellen has adumbrated that ensuring stablecoins do not betrayal alone investors or the broader abridgement to systemic risks is a top antecedence afore because added nuanced regulations.
Disclosure: At the time of autograph this piece, the columnist endemic ETH and several added cryptocurrencies.
