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Yellen Urges Congress to Regulate Crypto, Citing Financial Stability Risks

Treasury Secretary Janet Yellen calls for immediate legislative action to address regulatory gaps in the cryptocurrency market, particularly for stablecoins and non-security tokens.

Overview

  • Yellen emphasizes the need for federal oversight of stablecoins, advocating for a regulatory framework that applies universally across states.
  • The Financial Stability Oversight Council identifies digital assets as a significant risk to financial stability, urging Congress to grant regulatory authority over spot crypto markets.
  • Bipartisan efforts to legislate crypto regulations face challenges, with Yellen criticizing existing proposals as insufficient.
  • Yellen's testimony before the House Financial Services Committee highlights the urgency of addressing potential runs on crypto platforms and volatility risks.
  • The Treasury Secretary's call for action reflects a broader concern over consumer protection and the integrity of the financial system amid the growth of digital assets.