As the Treasury Secretary, Janet Yellen has a lot of say when it comes to the future of crypto regulation. In a G20 meeting for finance ministers and central bank governors, she voiced her concerns over the lack of regulation surrounding this emerging industry. She said that it is “critical” to put in place a strong regulatory framework for crypto activities. Yellen added that the U.S. hasn’t suggested outright banning of crypto activities, but that it needs to establish strict rules and regulations in order to keep players safe and protect consumers. It is still unclear what the future regulation of crypto will look like. However, Yellen’s stance is a strong one and shows that the U.S. is not content to sit on the sidelines and watch this nascent industry grow.
Treasury Secretary Yellen backs strong crypto regulation
In an interview with Reuters, Treasury Secretary Janet Yellen stated that “strong” crypto regulation is necessary in order to protect investors. Yellen emphasized that the U.S. has not proposed an outright ban, but rather a robust regulatory framework. She went on to say that the Securities and Exchange Commission (SEC) is currently working on legislation to address the matter.
While the Trump administration has yet to make a decision on cryptocurrency regulation, Treasury Secretary Yellen has voiced her opinion that a strong regulatory framework is critical to protect consumers and root out fraudulent activity. Yellen said “we haven’t suggested outright banning,” but a strong and effective regulatory approach is the best way to protect investors.