U.S. Treasury Secretary Janet Yellen says that the U.S. doesn’t have an “satisfactory framework” to take care of all of the totally different points posed by cryptocurrencies, akin to cash laundering and illicit financing. Based on 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 rules on cryptocurrencies?” Yellen replied:
I believe cryptocurrencies, we don’t actually have an satisfactory 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, akin 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 businesses that arguably have some skill to handle this by regulation.” Nevertheless, the treasury secretary emphasised:
I frankly don’t suppose we now have a framework in the US 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 effectively 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 lots of points in reference to it,” akin to “other ways by which that may very well be rolled out” and the “potential monetary stability points related to it.”
In conclusion, Yellen said that “There may very well be an argument for a central financial institution digital forex,” however cautioned, “It’s one thing we have to examine fastidiously and watch out about.”
In February, Yellen stated bitcoin is “extraordinarily inefficient” and “extremely speculative.” She careworn the significance of promised to work with different regulators to develop an “efficient” regulatory framework for cryptocurrencies.
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