In a statement, US Treasury Secretary Janet Yellen praised President Biden’s executive action on the cryptocurrency industry. In a statement, she stated that the agency would collaborate with other organizations to promote responsible innovation and mitigate risks.
Janet Yellen, the U.S. Treasury Secretary, issued a statement on March 9 addressing President Joe Biden’s executive action on digital assets. Her remarks praised the move toward developing a cryptocurrency policy, highlighting the importance of responsible innovation and consumer safety. The article was initially published on the website of the United States Department of Treasury, but it has since been removed.
Many government officials in the United States are concerned that the cryptocurrency market may cause financial market instability. There will be a study on the future of money and payments systems created by the Treasury and other authorities, she said. The Financial Stability Oversight Council will also be convened by the agency to look into the dangers of the crypto market and possible measures.
Yellen has previously been anti-crypto, but she appears to have changed her tune in recent years. She has advocated for the use of bitcoin safeguards.
The United States is pushing ahead with crypto regulation.
Over the last year, it has been quite evident that the United States does not wish to postpone regulation any longer. Several developments have led to rapid regulation, and 2022 is expected to be a year of change in terms of the law.
Investor protection is one of the top goals, as officials have stated numerous times. Taxation is also a top priority, and the IRS has taken several steps to guarantee that crypto investors pay their taxes on time.
Stablecoins are also a big part of the agenda, and stablecoin regulation is something that US officials are having to think about as they work on their own CBDC.