U.S. Treasury Secretary Crypto Fears | Financial Stability, Consumer-Investor Protection, Illicit Transactions

1 min read

Janet Yellen has acknowledged that cryptocurrency can be beneficial. Yellen said crypto is now “playing a significant role” in the investment decisions of a wide range of Americans, adding that the Treasury Department is working on regulations to promote healthy innovations.

Treasury Secretary Yellen Sees Benefits of Crypto

U.S. Treasury Secretary Janet Yellen talked about cryptocurrency in an interview with CNBC Friday. She was asked about cryptocurrency given that Russia has said it is considering accepting bitcoin as payment for energy resources.

Yellen replied:

Crypto has obviously grown by leaps and bounds and it’s now playing a significant role, not really so much in transactions, but in investment decisions of lots of Americans.

She proceeded to explain that President Joe Biden’s executive order tasks the treasury department and other federal agencies with “thinking about the regulation of crypto.”

When asked about whether she is still skeptical about crypto, the treasury secretary commented: “I have a little bit of skepticism because I think there are valid concerns around it. Some have to do with financial stability, consumer-investor protection, use for illicit transactions, and other things.” She added:

On the other hand, there are benefits from crypto and we recognize that the innovation in the payment system can be a healthy thing.

“We would like to come out eventually with recommendations that will create a regulatory environment” for healthy innovation, she opined.

Earlier this month, Yellen revealed that the Treasury will monitor crypto to see whether it is being used to evade sanctions by Russian individuals and entities. “We will continue to look at how the sanctions work and evaluate whether or not there are leakages, and we have the possibility to address them,” she said.

However, a senior official with the department subsequently said that the Treasury does not see that crypto could be used in a large-scale way to evade sanctions.

Read More: https://kavawire.com/existing-regulations-incompatible-with-crypto-world-require-new-rules-and-frameworks/


The information provided on this page
does not constitute investment advice, financial
advice, trading advice, or any other sort of advice
and it should not be treated as such. This content is
the opinion of a third party and this site does not
recommend that any specific cryptocurrency should
be bought, sold, or held, or that any crypto
investment should be made. The Crypto market is
high-risk, with high-risk and unproven projects.
Readers should do their own research and consult a
professional financial advisor before making any
investment decisions.


Although the material contained in this website was prepared based on information from public and private sources that KavaWire.com believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and KavaWire.com expressly disclaims any liability for the accuracy and completeness of the information contained in this website.

Via this site