Janet Yellen, the US Treasury Secretary, is poised to tell the crypto sector what she thinks about it in her first formal address devoted to digital assets.
When will the first speech about crypto from Yellen take place?
Thursday at American University in Washington, D.C., Yellen will discuss how the Treasury Department regards cryptocurrency as a developing component of the US economy. The 10:30 a.m. ET address is anticipated to reiterate many of President Joe Biden’s prior executive orders asking for more oversight of the business.
“Secretary Yellen will argue for an uniform and comprehensive regulatory framework that encourages responsible innovation in digital assets and correctly analyzes and mitigates the dangers they may represent,” the Treasury Department said in a statement Tuesday.
Attention To Cryptocurrencies Has Increased
Since last year, Yellen’s office, as well as the Biden administration and federal regulatory agencies, have paid much greater attention to crypto – particularly stablecoins. The Treasury Department was crucial in preparing the President’s Working Group on Financial Markets’ report last year, which served as the government’s first volley in defining standards for dollar-backed stablecoins.
Regulators in the United States have been pleading with Congress to allow new laws governing stablecoin issuers in a manner similar to how the government regulates banks. If Congress fail to act, the Securities and Exchange Commission and the Federal Reserve intend to pursue expanded monitoring via another route – the umbrella group of senior regulators known as the Financial Stability Oversight Council – despite the council’s limited authority.
Yellen changed her view on Crypto?
Yellen, who was an early crypto critic during her tenure as Fed chair, has recently adopted a more cautious tone, acknowledging the industry’s financial innovations and the growing importance of digital tokens and decentralized finance in Americans’ investments.