U.S. Treasury Secretary Janet Yellen acknowledged that the U.S. doesn’t have a framework to regulate cryptocurrencies adequately, talking at the WSJ CEO Council Summit. Her comments may point to either a new agency or an interagency collaboration on the topic.
“I think (for) cryptocurrencies we don’t really have an adequate framework to deal with the different issues that they pose from a regulatory perspective,” said Yellen. “There are issues around money laundering, Bank Secrecy Act, use of digital currencies for illicit payments, consumer protection and the like.”
Here’s the critical comment, “And while there are several agencies that arguably have some ability to address this through regulation, I frankly don’t think we have a framework in the United States that is quite up to the task of putting in place a regulatory framework that we need in the future. I think that’s a topic that’s well worth addressing.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
