Veröffentlicht von • Janet Yellen, U.S. Treasury Secretary, believes that more regulation is needed to protect consumers and investors from the risks inherent in the crypto industry.
• The SEC and CFTC are equipped to handle existing regulations but there are “holes in the system” which need to be plugged via new rules.
• Yellen has not clarified what shape these new regulations will take, but she does believe that it is important for the industry to be regulated properly in order to grow.
Janet Yellen’s Statement on Crypto Regulation Needs
Janet Yellen, U.S Treasury Secretary, recently appeared on CNBC’s Squawk Box where she stated her belief that additional regulation is needed to protect consumers and investors from the inherent risks present in the crypto industry.
SEC and CFTC Able To Handle Existing Regulations
Yellen noted that while current laws provide sufficient oversight of the sector with supervisory authorities like the SEC and CFTC having all necessary tools at their disposal, there still remain some “holes in the system” which needs plugging via new rules. She did not specify what kind of regulations should be put into place but stressed that their implementation was essential for proper growth of this nascent industry .
Executive Order on Examining Crypto Risks
This statement by Yellen comes after President Biden issued an executive order back in April 2021 for a deeper look into cryptocurrencies and their associated risks as well as potential benefits they can bring about to U.S financial market infrastructure. This review identified a number of risks which must be addressed through appropriate regulatory measures so as to ensure consumer protection along with providing them access to innovative technology such as blockchain-based tokens or digital currencies.
New Regulations Needed For Further Crypto Adoption
The need for more regulations has been echoed by other prominent figures within both private and public sectors alike over recent times who have advocated for stricter crypto regulations particularly pertaining to anti-money laundering (AML) compliance along with countering financing of terrorism (CFT). This is seen by many as crucial step towards further adoption of cryptocurrency across mainstream markets worldwide .
Conclusion
In conclusion, it appears clear that Janet Yellen believes more regulation is required within this space if it wishes to mature adequately and offer its users a safe environment when transacting or investing within cryptocurrency markets. It remains unclear however what specific form these proposed regulations will take but one thing seems certain: we may soon see stricter rules coming into force across the cryptosphere soon enough .
