Treasury Secretary Yellen Says US Does Not Have Framework ‘up to the Task’ of Regulating Cryptocurrencies – Regulation Bitcoin News
U.S. Treasury Secretary Janet Yellen says that the U.S. doesn’t have an “ample framework” to take care of all of the completely different points posed by cryptocurrencies, resembling 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 putting in a regulatory framework that we’d like” for cryptocurrencies.
Yellen Sees No Satisfactory Framework within the US to Deal With Crypto Points
Janet Yellen talked about cryptocurrency regulation at The Wall Road Journal’s CEO Council Summit Tuesday. The treasury secretary was requested, “Do you anticipate rules on cryptocurrencies?” Yellen replied:
I believe cryptocurrencies, we don’t actually have an ample framework to take care of the completely different points that they pose from a regulatory perspective.
She proceeded to call a number of points she sees related to cryptocurrencies, resembling “cash laundering, Financial institution Secrecy Act, use of digital currencies for illicit funds, [and] shopper safety.”
Yellen identified that “there are a number of businesses that arguably have some potential to handle this via regulation.” Nonetheless, the treasury secretary emphasised:
I frankly don’t suppose we now have a framework in the USA that’s fairly as much as the duty of putting in a regulatory framework that we’d like sooner or later.
“That’s a subject that’s nicely 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 this.” She famous that “there are a number of points in reference to it,” resembling “other ways by which that may very well be rolled out” and the “potential monetary stability points related to it.”
In conclusion, Yellen acknowledged that “There may very well be an argument for a central financial institution digital foreign money,” however cautioned, “It’s one thing we have to examine rigorously and watch out about.”
In February, Yellen stated bitcoin is “extraordinarily inefficient” and “extremely speculative.” She pressured the significance of promised to work with different regulators to develop an “efficient” regulatory framework for cryptocurrencies.
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