Speaking at the annual meeting of the SIFMA (Securities Industry and Financial Markets Association), the Secretary of the United States Treasury again mentioned the importance of crypto regulations. According to Janet Yellen, at one of her financial conferences, the government should use its enforcement powers to crack down on cryptocurrency scams. Once again, she reiterates her call for stricter enforcement of new regulations regarding digital assets and crypto.
“A regulation of the administration’s reports on digital assets”, says Yellen
During his intervention at the annual meeting of SIFMA, Janet Yellen highlighted three areas that needed to be subject to strict regulations. Of course, she referred to the administration’s reports on digital assets:
- Spot markets for crypto assets that are not securities
- Stablecoins (more commonly known as “stablecoins”)
- Vertical integration by crypto companies
Granted, lawmakers on the House Financial Services Committee have already drafted stablecoin legislation. Unfortunately, it lacks clarity and precision. According to Yellen, stablecoins should be viewed as banking-like products. Thus, they should be subject to a strict regulatory framework.
Regulation to crack down on crypto scams
This is by no means the first appeal launched by Janet Yellen. At these previous financial conferences, the US Treasury Secretary has already spoken openly about the need for regulation in crypto. According to her, it is high time for the US government to take action to combat crypto scams.
In her last speech, she underlined it again clearly: a reinforced application of digital assets is essential. The goal: to guarantee the financial stability of the United States.
For the time being, Janet Yellen believes that cryptocurrencies do not pose a significant risk to financial stability. However, she considers it important to regulate the crypto market. We are talking about clearer and stricter regulations!
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