Yellen Calls for 'Comprehensive' Crypto Regulations

Source: American Banker (subscription may be required)

Treasury Secretary Janet Yellen outlined the Treasury Department’s approach to regulating digital assets, marking the first time she’s substantially laid out her thoughts on the issue since President Biden’s executive order last month.

Yellen’s remarks, delivered at American University Thursday morning, largely reflected the priorities previously laid out by the Biden administration. She called for a “comprehensive” regulatory regime developed around potential risks posed by cryptocurrency and certain activities, not the technology itself.

“Our regulatory frameworks should be designed to support responsible innovation while managing risks — especially those that could disrupt the financial system and economy,” she said.