US Treasury Secretary Janet Yellen Will Share Her Thoughts About Crypto Policy Framework on April 7

US Treasury Secretary Janet Yellen pays more attention to crypto

In her first official speech on digital assets, US Treasury Secretary Janet Yellen is going to tell the crypto community what she thinks of it.

Yellen will speak at American University in Washington, D.C. on Thursday on how the Treasury Department views cryptocurrency as a growing part of the US economy. The speech is scheduled for 10:30 a.m. ET is anticipated to echo some of the views stated in President Joe Biden’s executive order, which called for further oversight of the crypto industry.

“Secretary Yellen will make the case for a consistent and comprehensive policy framework that promotes responsible innovation of digital assets and appropriately assesses and mitigates the risks they may pose,” according to a Tuesday statement issued by the Treasury Dept.

Since last year, Yellen’s agency, as well as the Biden administration and federal regulatory agencies, have been paying much greater attention to crypto, particularly stablecoins. Last year’s report from the President’s Working Group on Financial Markets, which functioned as the government’s first salvo in defining rules for dollar-backed stablecoins, was drafted in part by the Treasury Department.

Regulators in the United States have been pushing Congress to pass new laws for stablecoin issuers in the same way that the government regulates banks. If lawmakers fail to deliver results, the Securities and Exchange Commission and the Federal Reserve intend to utilize another channel — the Financial Stability Oversight Council, an umbrella group of key regulators – to press for more oversight, despite the council’s limited powers.

Yellen, who was an early crypto critic during her time as Fed chair, has recently adopted a more cautious tone, acknowledging the industry’s financial innovations as well as the fact that digital tokens and decentralized finance are becoming increasingly important in Americans’ investments.

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