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 “enough framework” to take care of all of the completely different points posed by cryptocurrencies, resembling cash laundering and illicit financing. In response to 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’d like” for cryptocurrencies.

Yellen Sees No Sufficient 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 laws on cryptocurrencies?” Yellen replied:

I believe cryptocurrencies, we don’t actually have an enough 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 companies that arguably have some skill to handle this by regulation.” Nevertheless, the treasury secretary emphasised:

I frankly don’t suppose now we have a framework in america that’s fairly as much as the duty of setting up a regulatory framework that we’d like sooner or later.

“That’s a subject that’s properly price 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 whole lot of points in reference to it,” resembling “alternative ways wherein that could possibly be rolled out” and the “potential monetary stability points related to it.”

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

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

What do you consider Yellen’s remarks on cryptocurrency? Tell us within the feedback part under.

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