United States Treasury Secretary Janet Yellen has emphasized the need for additional regulation in the cryptocurrency industry.
Yellen expressed her concerns regarding the risks associated with crypto and stated her willingness to collaborate with Congress to establish further regulatory measures.
Her remarks align with her previous calls for enhanced enforcement of existing rules and prompt action to address regulatory gaps.
Heading: Identifying Risks and Seeking Regulation
In a recent interview with CNBC’s Squawk Box, Janet Yellen emphasized the importance of regulating the cryptocurrency market.
Yellen acknowledged the presence of risks and stated that additional regulation could help address these concerns effectively. The Treasury Secretary expressed her support for regulatory agencies utilizing their existing tools to safeguard investors’ interests.
Heading: Yellen’s Push for Regulatory Action
Yellen’s advocacy for increased regulation in the crypto space is not new. Following the collapse of crypto exchange FTX, she urged regulators to diligently enforce current rules.
Additionally, Yellen called on Congress to swiftly address regulatory gaps and ensure a comprehensive framework for the industry.
Heading: SEC Lawsuits Against Binance and Coinbase
Yellen’s remarks coincide with the recent legal actions taken by the U.S. Securities and Exchange Commission (SEC) against major cryptocurrency exchanges, Binance and Coinbase.
The lawsuits allege that both platforms violated the country’s securities laws. These developments further emphasize the need for regulatory oversight in the crypto market, as highlighted by Yellen.