Janet Yellen Says ‘Critical’ to Establish Strong Crypto Regulation — ‘We Haven’t Suggested Outright Banning’ – Regulation Bitcoin News

Janet Yellen Says ‘Critical’ to Establish Strong Crypto Regulation — 'We Haven't Suggested Outright Banning of Crypto Activities'


U.S. Treasury Secretary Janet Yellen says “it is critical to put in place a strong regulatory framework” for crypto on the sidelines of the G20 meeting for finance ministers and central bank governors. “We haven’t suggested outright banning of crypto activities,” Yellen added.

Janet Yellen on ‘Strong’ Crypto Regulation

U.S. Treasury Secretary Janet Yellen talked about crypto regulation in an interview with Reuters Saturday on the sidelines of the G20 meeting for finance ministers and central bank governors under India’s presidency in Bengaluru.

Yellen emphasized the importance of establishing a robust regulatory framework for cryptocurrencies while clarifying that the U.S. has not proposed an outright ban. The treasury secretary said:

We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework … We’re working with other governments.

Crypto regulation was among the key topics discussed by the G20 finance ministers and central bankers under India’s presidency this weekend. During the meeting, India asked the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to develop a joint paper on crypto in order to help formulate “a coordinated and comprehensive policy approach to crypto assets.”

okex

Indian Finance Minister Nirmala Sitharaman has been pushing for international cooperation on crypto regulation for months. She said prior to the G20 meeting that India was having “detailed discussions” with G20 members on crypto regulation to establish a technology-driven regulator framework or standard operating procedure (SOP) on crypto.

In the U.S., the Securities and Exchange Commission (SEC) has recently stepped up its enforcement efforts against crypto firms. The SEC recently charged crypto exchange Kraken over its staking program and Nexo over its Binance USD (BUSD) stablecoin issuance. The securities watchdog also charged Terraform Labs and CEO Do Kwon for defrauding investors.

IMF Managing Director Kristalina Georgieva also said on the sidelines of the G20 meeting this weekend that crypto needs “more regulation.” While noting that there must be a “very strong push for regulation,” she said: “If regulation fails, if you’re slow to do it, then we should not take off the table banning those assets, because they may create financial stability risk.”

In addition, the executive board of the IMF provided guidance this week to help countries develop effective crypto policies. A few executive board directors thought that “outright bans should not be ruled out.” In addition, the board advised: “Crypto assets should not be granted official currency or legal tender status.”

Tags in this story

crypto ban, Crypto regulation, g20 crypto regulation, G20 cryptocurrency regulation, IMF, IMF crypto ban, imf crypto regulation, IMF cryptocurrency regulation, Janet Yellen, Janet Yellen crypto ban, janet yellen crypto regulation, US crypto ban, us treasury secretary

What do you think about Treasury Secretary Janet Yellen’s statement about crypto? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest