Yellen states that the US regulatory system is more than equipped to deal with the “inherent” risks of the cryptocurrency system. But there are “holes” in the system that need to be plugged, she says. Let’s look at the details.
Cryptocurrency risks
US Treasury Secretary Janet Yellen emphasizes additional regulation. Accordingly, he said, “additional regulation” is needed to ensure that consumers and investors are protected from the “natural” risks present in the cryptocurrency industry. Yellen made the statement on CNBC’s Squawk Box on June 7. She said the Treasury Department had acted under the President’s Executive Order in recent months, she said. She also stated that she did in-depth reviews of the cryptocurrency industry. On the other hand, he said he had “identified a range of risks” for consumers and investors. Some of these risks are manageable by the US regulatory system, Yellen said, as existing laws provide adequate oversight and supervisors such as the SEC and CFTC have the necessary “tools” to combat them. However, she added that there are “gaps in the system” that need to be closed through the new rules.
Yellen did not elaborate on what areas of cryptocurrency could be improved. He also did not elaborate on what form these new rules might take. Yellen “we want to work with Congress to see additional regulations pass.” is emphasizing.
SEC action is appropriate
There was also a request from Yellen. He was asked to speak about the SEC’s lawsuit against Binance and Coinbase for violations of securities laws. Yellen did not comment on this. On the other hand, he said he could not comment on “individual cases handled by the SEC.” However, he added that he found such actions by supervisory bodies “appropriate”. In addition, Yellen said, “I support these institutions to use the tools they have. And I support a lot.” uses the phrase. The cryptocurrency industry and the US regulatory system are currently in a stalemate. There is emphasis on the SEC bypassing all necessary regulatory circles. The move against Coinbase, a U.S. public offering company, and claims that most major cryptocurrencies are de facto securities under current law, paint a bleak future for the industry in the country.
However, these lawsuits will ultimately result in the regulatory clarity the industry desperately needs to thrive in the US. US regulators have so far refused to consider new rules for the cryptocurrency industry. In addition, the SEC has repeatedly argued that current securities laws are sufficient to regulate the industry. Despite these claims, there are contradictions between regulators’ attitudes towards different cryptocurrencies. It took years for regulators to grapple with the enigma of Bitcoin and where it fits in the regulatory regime. Also, most regulators eventually agreed that it looked more like a commodity than a security. cryptocoin.com When we look at it as a whole, it seems that the issue of crypto money and legal regulation will remain on the agenda.
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