The US Treasury Secretary Janet Yellen has forwarded a commendation letter to US President Joe Biden for the move to create a policy on the cryptocurrency market while highlighting the need for investor protection and constructive innovation.
The Treasury Secretary’s statement applauded the “coordinated and comprehensive approach to digital asset policy” called for by Biden’s executive order. Yellen explained that the constructive and responsible innovation it would breed would greatly benefit the nation, consumers, and businesses. She added that it would also address risks “related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”
However, many US officials remain concerned about the potential risks and instability the crypto market could inject into financial markets. That said, Yellen noted that her agency would collaborate with other government agencies to develop a report on cryptocurrency and payments systems. Also, the Treasury Department will meet with the Financial Stability Oversight Council to evaluate the risks associated with the crypto market and work on protection and safety measures.
No Longer Anti-Crypto, Yellen Calls for Better Safeguards
Previously a somewhat anti-crypto rhetoric supporter, Yellen appears to have taken a more open-minded stance recently and now calls for better safeguards against crypto risks.
As time goes by, it has become clear that the US is trying to avoid delaying passing regulation on the crypto industry and longer. Several indicators have shown that a regulatory framework is being developed rapidly, and the crypto industry is likely to usher in these regulations this year.
The regulation will likely focus on investor protection, a key priority for regulatory authorities that have been mentioned severally by officials. The regulatory framework will also cover taxation, with the IRS taking critical steps to make sure that cryptocurrency investors pay their share.
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