U.S. Treasury Secretary Janet Yellen will discuss crypto assets (virtual currencies), including their handling on stablecoins and crypto asset platforms, and the dangers of price volatility, at a House Financial Services Committee meeting scheduled for the 6th. He is expected to testify that the industry poses several potential dangers to the financial system. She was identified on the 5th in a summary of her Congressional testimony posted on the committee’s website.
Secretary Yellen is expected to explain the latest efforts of the Financial Stability Oversight Council (FSOC), which she leads. The FSOC, which aims to forestall the next financial crisis, has paid particular attention to the risks of crypto assets in recent years, ranking it among the top categories of concern.
Secretary Yellen stated, “We focus on digital assets and the risks associated with them, including the prevalence of platforms that operate without security.”
Secretary Yellen said she will continue to work with Congress on crypto asset legislation. “Applicable rules and regulations should be implemented, and Congress should pass legislation providing for the regulation of the physical market for stablecoins and non-securities, crypto assets,” he said.
Although Yellen’s summary of her Congressional testimony did not reveal any new interests or initiatives, the fact that she listed digital assets as one of her top priorities shows that the crypto-asset sector has become more relevant to the US government’s financial concerns. It turns out that it is still important.
｜Translation and editing: Rinan Hayashi
｜Image: Jesse Hamilton/CoinDesk
｜Original text: Treasury Secretary Janet Yellen Warns of Crypto Risks