US Treasury Secretary Janet Yellen for the first time comprehensively cryptocurrencies talked about.
Pointing out that digital assets are relatively new, Yellen said that it is actually a part of the digitalization of finance that has been going on for years.
Stating that digital assets exploded and reached a market value of 3 trillion dollars in a very short time and last November, Yellen reminded that US President Joe Biden signed an executive order regarding cryptocurrencies.
6 Policies To Follow
Yellen stated that the growth in digital assets also brings some risks. Stating that Biden’s order imposes some duties on institutions, Yelllen said that these duties are combined in six policies.
“President Biden’s executive order has tasked institutions with conducting in-depth analysis to balance the responsible development of digital assets with the risks they present.
These tasks will be guided by six policy objectives:
first, to protect consumers, investors and businesses
second, to protect financial stability from systemic risk
third, to reduce national security risks
fourth, to promote US leadership and economic competitiveness.
fifth, to promote fair access to secure and affordable financial services.
and, finally, to support responsible technological developments that take into account important design considerations such as those related to privacy, human rights and climate change.”
“Crypto Assets Remind Me of 5 Lessons”
“I want to share five lessons that apply today as we navigate the opportunities and challenges posed by these emerging technologies,” said Yellen. downgrade.
The titles of the 5 courses that Yellen drew attention to are as follows;
IV. Sovereign money is the core of a well-functioning financial system, and the United States benefits from the central role that the dollar and US financial institutions play in global finance.
V. We need to work together to drive responsible innovation
— Bitcoin System (@bitcoinsystem) April 7, 2022
“Responsible Innovation Emphasis”
Yellen, who also discussed the role of the government in the concluding part of her speech, used the following statements:
“In my view, the role of government should be to enable responsible innovation for all Americans that protects our national security interests and the planet, and contributes to our economic competitiveness and growth.”