Treasury Secretary Yellen Says US Does Not Have Framework ‘up to the Task’ of Regulating Cryptocurrencies

Treasury Secretary Yellen Says US Does Not Have Framework ‘up to the Task’ of Regulating Cryptocurrencies
фото показано с : news.bitcoin.com

2021-5-5 19:30

U.S. Treasury Secretary Janet Yellen says that the U.S. does not have an “adequate framework” to deal with all the different issues posed by cryptocurrencies, such as money laundering and illicit financing. According to her, there is no framework that’s “quite up to the task of putting in place a regulatory framework that we need” for cryptocurrencies.

Yellen Sees No Adequate Framework in the US to Deal With Crypto Issues

Janet Yellen talked about cryptocurrency regulation at The Wall Street Journal’s CEO Council Summit Tuesday. The treasury secretary was asked, “Do you anticipate regulations on cryptocurrencies?” Yellen replied:

I think cryptocurrencies, we don’t really have an adequate framework to deal with the different issues that they pose from a regulatory perspective.

She proceeded to name several issues she sees associated with cryptocurrencies, such as “money laundering, Bank Secrecy Act, use of digital currencies for illicit payments, [and] consumer protection.”

Yellen pointed out that “there are several agencies that arguably have some ability to address this through regulation.” However, the treasury secretary emphasized:

I frankly don’t think we have a framework in the United States that is quite up to the task of putting in place a regulatory framework that we need in the future.

“That’s a topic that’s well worth addressing,” she noted.

if (!window.GrowJs) { (function () { var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push({ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } });

The treasury secretary was also asked, “What are your thoughts on the digital dollar?” Yellen replied: “With respect to digital currencies and central bank digital currencies, I know the Federal Reserve is looking at this.” She noted that “there are a lot of issues in connection with it,” such as “different ways in which that could be rolled out” and the “potential financial stability issues associated with it.”

In conclusion, Yellen stated that “There could be an argument for a central bank digital currency,” but cautioned, “It’s something we need to study carefully and be careful about.”

In February, Yellen said bitcoin is “extremely inefficient” and “highly speculative.” She stressed the importance of promised to work with other regulators to develop an “effective” regulatory framework for cryptocurrencies.

What do you think about Yellen’s remarks on cryptocurrency? Let us know in the comments section below.

origin »

Bitcoin price in Telegram @btc_price_every_hour

RSK Infrastructure Framework (RIF) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 RIF

treasury secretary cryptocurrencies framework yellen says does

treasury secretary → Результатов: 126


In A Historic Move, US Declares China As Currency Manipulator Escalating Trade & Currency War

The US Treasury Department on Monday designated China as a currency manipulator in a historic move that hasn’t been exercised since the Clinton administration. “Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator,” the Treasury Department said in a release. “As a result of this determination, Secretary […]

2019-8-6 16:10


Pro-Crypto SEC Commissioner Urges Regulators to Take a “Forward-Leaning” View on Crypto Matters

With the crypto market gradually developing, one might have wondered why President Donald Trump has been keeping his opinions concealed regarding said matters. Not too long ago, the president along with Treasury Secretary, Steven Mnuchin both shared their distaste for digital assets, where the latter stressed the actuality of “very, very strong” regulations. As a […]

2019-8-4 22:23


Treasury Secretary Supports DOJ’s Decision to Probe Amazon’s Monopoly

Treasury Secretary Steven Mnuchin concurred with the DOJ that anti-competitive practices at the big tech companies warrant an antitrust investigation — an idea first proffered by Walmart. In an interview on CNBC, Steven Mnuchin said that while there have been many benefits to Amazon, the company has also destroyed the American retail industry, thereby limiting […] The post Treasury Secretary Supports DOJ’s Decision to Probe Amazon’s Monopoly appeared first on CCN Markets

2019-7-25 23:30


Фото:

I Won’t be Loaded Up on Bitcoin in 10 Years from Now — Steve Mnuchin

U. S. Treasury Secretary Mnuchin has taken his ‘no coiner’ status to a new level by saying he won’t be loading up on bitcoin for the next 10 years. Mnuchin Says He Won’t Be Talking About Bitcoin in 10 Years Speaking to CNBC on Wednesday (July 24, 2019), Secretary Mnuchin waved off suggestions that he would be a bitcoin “gazillionaire” in the next years.

2019-7-24 18:00


XRP And Libra, Friends or Foes?: Ripple CEO Brad Garlinghouse Weighs In, Also Addresses Bank Of America’s Patent

Brad Garlinghouse, Ripple Labs CEO, has in the past not shied away from expressing his opinions about the crypto-space. Following the infamous tweetstorm by the US President and the disdain comments made by the US Treasury Secretary Steven Mnuchin about bitcoin and Libra, Brad responded via a series of tweets.

2019-7-24 11:40


Industry Leader Claims U.S. Outlawing Crypto Ownership Would be “Worst Case Scenario”

Although most of the crypto industry has long known that the US is far behind other countries in terms of implementing “do no harm” regulations on nascent markets, recent comments from President Donald Trump and Treasury Secretary Steve Mnuchin have signaled that rather than creating a “sand-box” regulatory environment for Bitcoin and cryptocurrencies, they will.

2019-7-24 01:00


Фото:

Circle Shifts Exchange Operations to New Bermuda Office

As the U. S. lawmakers and the Treasury Secretary consider implementing stringent regulations against cryptocurrency, Circle has packed its bags and moved offshore to Bermuda. Circle Moves to Evade Oppressive Regulation As regulatory pressure continues to stack up against cryptocurrency companies, Circle has announced that it is moving nearly 100% of its exchange operations offshore.

2019-7-23 22:15


BitMEX May Be the First Target of the U.S.; Which Crypto Platform is Next?

The crypto industry was taken aback earlier today when news broke regarding popular leveraged crypto trading exchange, BitMEX, being investigated by regulatory authorities in the United States. Importantly, news regarding this investigation came about shortly after top officials within the US government criticized the nascent crypto markets, with the Treasury Secretary warning that they would.

2019-7-20 01:00


VanEck official points out Steve Mnuchin’s 180 on US Treasury’s report on fiat currency and frauds

The main argument used by many critics of cryptocurrencies is that digital assets are used for fraudulent and nefarious activities. This was recently cited by Steve Mnuchin, the United States’s Treasury Secretary, who said that Bitcoin and the rest of the cryptocurrency market would be subject to the same level of jurisdiction that fiat money […] The post VanEck official points out Steve Mnuchin’s 180 on US Treasury’s report on fiat currency and frauds appeared first on AMBCrypto.

2019-7-20 22:30


Фото:

Министр финансов США: миллиарды долларов от незаконной деятельности проходят через криптовалюты

Министр финансов США Стивен Мнучин заявил, что через биткоин и другие криптовалюты проходят миллиарды долларов, вовлеченных в незаконную деятельность. По его мнению, поставщики услуг в сфере цифровых денег и традиционных финансовых услуг должны регулироваться одинаково.

2019-7-19 15:12


Фото:

US Treasury Sec: We Don’t Want Bitcoin Becoming a “Swiss-Numbered Bank Account”

Now that the U. S. Congress and Senate have finished their hearings with Facebook, U. S. Treasury Secretary Steven Mnuchin has set his regulatory sights on Bitcoin. Increased Regulation on the Table Again It appears that the aftermath of the US Congress and Senate Banking Committee’ hearings on Facebook’s Libra coin could present a new set of regulatory problems for cryptocurrency as a whole.

2019-7-19 00:00