In a new explanation, former U.S. central bank chair and momentum depository secretary, Janet Yellen, communicated her craving for Congress to establish more administrative measures concerning the cryptographic money industry. Yellen referred to the Depository, which gives an account of digital currencies that have pinpointed different dangers connected to the rapidly developing area.
During an interview with Andrew Ross Sorkin on Wednesday morning, Yellen acknowledged that there are "holes in the system where additional regulation would be appropriate." The discussion also delves into digital currencies in light of the Securities and Exchange Commission's recent lawsuits. Yellen mentioned Treasury reports on crypto, which President Joe Biden's executive order on the subject required.
Yellen is a firm believer in the need for increased regulation in the cryptosphere and calls on Congress to act and establish appropriate policies. With crypto, we've found a few dangers. I'm strong in encouraging those organizations to utilize the instruments they have," Yellen told Sorkin. Yellen added:
"I see some holes in the system where additional regulation would be appropriate. We’d like to work with Congress to see additional regulations pass."
On various occasions, Yellen has embraced severe guidelines for digital currencies. She told reporters at the G20 meeting in February that it was important to create a strong regulatory framework. In November 2022, Yellen also mentioned that the crypto business requires "satisfactory guidelines." The most recent exchange between Yellen and Sorkin came to light just one day after SEC Chair Gary Gensler stated that "we don't need more digital currency."
(Jamie Redman, Bitcoin News, 2023)