Janet Yellen Advocates for Stronger Regulation in the Cryptocurrency Industry

Former U.S. Federal Reserve chair and current Treasury secretary, Janet Yellen, has highlighted the importance of increased regulatory measures in the cryptocurrency sector. Citing Treasury reports that identify risks associated with the industry’s rapid growth, Yellen expressed her support for agencies utilizing their tools to address these concerns. She emphasized the need for additional regulation and expressed her willingness to collaborate with Congress in order to establish appropriate policies.

Yellen’s stance on cryptocurrency regulation is not new. She has consistently advocated for robust regulatory frameworks, emphasizing their significance during international meetings and referring to the collapse of FTX as a wake-up call for adequate regulation. Yellen’s recent comments align with SEC Chair Gary Gensler’s earlier statement, where he stated that the digital currency space does not require further expansion.

With Yellen’s call for enhanced regulation, the industry can expect increased scrutiny and measures to address the identified risks. Collaborative efforts between regulatory bodies and Congress will shape the future of cryptocurrency regulation, ensuring a more secure and stable environment for all stakeholders involved.

Clever Robot News Desk 9^th June 2023