Speaking at the House of Representatives Financial Services Committee meeting yesterday, US Treasury Secretary Janet Yellen will talk about cryptocurrencies at an event organized by American University today.
Yellen, who has been negative towards cryptocurrencies to date, has softened a bit, but her skepticism towards cryptocurrencies still continues.
In this context, it was a matter of curiosity what Janet Yellen would say about cryptocurrencies in her speech today. Because Yellen will be covering cryptocurrencies comprehensively for the first time.
What Will Yellen Say?
According to information received from people close to Yellen, the executive order signed by US President Joe Biden in early March on cryptocurrencies will be the focus of Yellen’s speech.
In her speech, Yellen stated that she will emphasize that the existing legal powers of the Treasury should be used rather than enacting any new laws that expand the Treasury’s authority in the cryptocurrency space.
In this context, it was claimed that Yellen would say the following:
“Digital assets may be new, but many of the problems they present are not. When new technologies require the implementation of new activities, products and services, financial regulations need to be adjusted accordingly under existing laws.
In this context, regulators have existing powers to support these innovations, and the Treasury supports these innovations.
To the extent that gaps exist, we will make recommendations on cryptocurrencies, including consideration of regulatory changes.”
Finally, it was stated that Yellen’s speech will highlight the Treasury’s support for innovation.