As a seasoned crypto investor with over two decades of experience in traditional financial markets, I find myself standing at a crossroads between innovation and regulation. The latest statements from Treasury Secretary Janet Yellen about the potential risks posed by cryptocurrencies to the US financial system are not surprising, given her background and recent advocacy for regulation.
At a recent gathering of the Financial Stability Oversight Council (FSOC), Treasury Secretary Janet Yellen expressed concerns about potential dangers in the U.S. financial sector stemming from cryptocurrencies.
The Financial Stability Oversight Council (FSOC) is advocating that legislators enact broad laws regarding cryptocurrencies, aiming to address and reduce potential risks associated with them.
According to a report from U.Today, an influential American economist recently advocated for immediate cryptocurrency regulation.
Previously, she emphasized on the subject of dollar-backed stablecoins, stating that some parties should be restricted from creating these types of financial products.
In light of the failure of the Terra ecosystem in May 2022, Yellen pointed out that the detachment of UST underscored the potential threats that stablecoins might have on financial security.
Significantly, a bipartisan proposal for a stablecoin bill put forth by U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) aims to prohibit the use of algorithmic stablecoins such as UST.
In her latest comments, Yellen underscores the importance of having a responsible structure or system in place for the burgeoning cryptocurrency market.
In the year 2022, Yellen conceded that cryptocurrencies offer advantages too, suggesting that advancements in payment systems could be a positive development.
Known for his supportive views towards cryptocurrencies, American investment manager Scott Bessent, who has been proposed as a replacement for Yellen, publicly declared that the digital currency market is not fleeting but rather permanent.
According to Bessent, all possibilities are open when it comes to Bitcoin. What makes Bitcoin particularly intriguing is that it encourages young individuals and those previously uninvolved in the market to participate.
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2024-12-06 23:18