US Treasury Secretary Janet Yellen told CNBC that more regulation of the digital asset market is needed to protect both consumers and investors.
She acknowledged several risks in the crypto sector, including those posed to consumers and investors, citing reports prepared by Treasury.
Still, Yellen expressed her confidence in the current legal framework, stating that regulatory bodies such as the SEC and the Commodity Futures Trading Commission (CFTC) already possess the necessary tools to protect consumers and investors.
While the Treasury Secretary refrained from commenting on the specific cases against Binance and Coinbase the SEC is currently handling, she reiterated the appropriateness of the regulator's actions.
Yellen also pointed to certain gaps in the current regulatory system that could be addressed with additional regulatory action.
“We have identified a number of risks associated with cryptocurrencies. I support these agencies in using the tools they have,”
"I see some holes in the system, where additional regulation I think would be appropriate. And we would like to work with Congress to see additional legislation passed," she said, without identifying these deficiencies.
In November 2022, Yellen compared the collapse of FTX to “the collapse of Lehman Brothers” and emphasized that the crypto industry needs “adequate regulation.”
Yellen's latest statements come after SEC Chairman Gary Gensler spoke on CNBC just a day earlier, saying "we don't need more digital currency."
At this time, Bitcoin trading on the Binance US exchange is at a premium to the market. Bitcoin, as in some third world country, is traded in the United States at an increased price against the backdrop of a fall in its rate on other exchanges.
All talk that regulators will not ban cryptocurrencies is a thing of the past. They do not talk about bans, but they will create unbearable conditions for holders and will systematically eliminate the infrastructure, primarily crypto exchanges and any ways of exchanging for fiat.
Remember these words of Gensler: “We don’t need cryptocurrencies anymore.” So the order has already been given at the highest level.
Let's see how they do it. Not only the Democrats in the government are becoming toxic, but first of all the US dollar itself
