{"id":573700,"date":"2024-02-07T02:00:41","date_gmt":"2024-02-07T02:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=573700"},"modified":"2024-02-06T18:57:45","modified_gmt":"2024-02-06T18:57:45","slug":"us-treasury-secretary-janet-yellen-urges-congress-to-pass-crypto-legislation","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/us-treasury-secretary-janet-yellen-urges-congress-to-pass-crypto-legislation\/","title":{"rendered":"US Treasury Secretary Janet Yellen Urges Congress To Pass Crypto Legislation"},"content":{"rendered":"

In a recent statement before the House of Representatives, US Treasury Department Secretary <\/span>Janet Yellen<\/span><\/a> emphasized the need for Congress to pass legislation that provides clarity and regulation in the crypto markets.\u00a0<\/span><\/p>\n

Secretary Yellen Calls For Action \u2018Digital Asset Risks\u2019\u00a0<\/span><\/h2>\n

During the Financial Committee hearing, Yellen <\/span>highlighted <\/span><\/a>the \u201crisks\u201d associated with<\/span> digital assets<\/span><\/a> and called for measures to address potential vulnerabilities and non-compliance with applicable laws and regulations.<\/span><\/p>\n

Yellen specifically mentioned concerns related to runs on crypto-asset platforms, stablecoins, and the \u201cproliferation\u201d of platforms acting outside regulatory boundaries.\u00a0<\/span><\/p>\n

The Treasury Secretary stressed the importance of enforcing existing rules and regulations while urging Congress to enact legislation specifically targeting <\/span>stablecoins <\/span><\/a>and \u201cnon-securities\u201d crypto assets in the spot market.<\/span><\/p>\n

Related Reading: Bitcoin, Solana Take Center Stage In $721 Million In Institutional Inflows<\/a><\/div>\n

Notably, Taylor Barr, head of policy at the blockchain trade association Chamber of Digital Commerce, <\/span>pointed out<\/span><\/a> that the bipartisan FIT for the 21st Century Act, led by Representative French Hill, aligns with Yellen’s call for market structure and regulation.<\/span><\/p>\n

Hill, a proponent of the legislative environment for crypto, previously <\/span>highlighted <\/span><\/a>the progress made in the House of Representatives. He emphasized passing the first comprehensive regulatory framework for digital assets and the prudent approach to stablecoins.\u00a0<\/span><\/p>\n

Furthermore, Hill believes that these initiatives address significant \u201cregulatory gaps\u201d and contribute to the crypto industry’s growth.<\/span><\/p>\n

Pro-Crypto Stance And Legislative Initiatives Align<\/span><\/h2>\n

Barr also commended the Clarity for Payment Stablecoins Act proposed by the Chairman of the US Financial Committee, Patrick McHenry.\u00a0<\/span><\/p>\n

This act aims to establish consistent oversight and consumer protection for payment stablecoins, incorporating successful state-level regulations and striking a balance between innovation and regulatory certainty.<\/span><\/p>\n

McHenry, who has been vocal about the importance of the US leading the financial system of the future, has already <\/span>emphasized <\/span><\/a>the bipartisan progress on legislation to address the regulatory challenges posed by digital assets.\u00a0<\/span><\/p>\n

McHenry called for the \u201ccompletion of the job,\u201d highlighting the Clarity for Payment Stablecoin Act as a crucial step towards establishing a federal framework for stablecoins.<\/span><\/p>\n

Related Reading: Solana Suffers 11th Outage In 2 Years, SOL Price Drops 3%<\/a><\/div>\n

Overall, the convergence of Secretary Yellen’s call for regulation, Representative Hill’s legislative initiatives, and Chairman McHenry’s <\/span>pro-crypto stance <\/span><\/a>reflect a growing momentum toward establishing a comprehensive regulatory framework for the crypto industry.\u00a0<\/span><\/p>\n

However, it remains to be seen how Secretary Yellen’s proposed regulatory enforcement ideas and proposals will strike a balance between fostering innovation, as emphasized by McHenry and Hill while ensuring the growth of nascent technology.\u00a0<\/span><\/p>\n

As discussions on crypto legislation continue, the industry eagerly anticipates the outcome, seeking a regulatory environment that provides clarity and consumer protection and positions the United States at the forefront of digital asset innovation.<\/p>\n

\"Crypto\"
The 1-D chart shows the total crypto market cap’s valuation at $1.6 trillion. Source: TOTAL on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent statement before the House of Representatives, US Treasury Department Secretary Janet Yellen emphasized the need for Congress to pass legislation that provides clarity and regulation in the crypto markets.\u00a0 Secretary Yellen Calls For Action \u2018Digital Asset Risks\u2019\u00a0 During the Financial Committee hearing, Yellen highlighted the \u201crisks\u201d associated with digital assets and called for measures to address potential vulnerabilities and non-compliance with applicable laws and regulations. Yellen specifically mentioned concerns related to runs on crypto-asset platforms, stablecoins, and the \u201cproliferation\u201d of platforms acting outside regulatory boundaries.\u00a0 The Treasury Secretary stressed the importance of enforcing existing rules and regulations while urging Congress to enact legislation specifically targeting stablecoins and \u201cnon-securities\u201d crypto assets in the spot market. Related Reading: Bitcoin, Solana Take Center Stage In $721 Million In Institutional Inflows Notably, Taylor Barr, head of policy at the blockchain trade association Chamber of Digital Commerce, pointed out that the bipartisan FIT for the 21st Century Act, led by Representative French Hill, aligns with Yellen’s call for market structure and regulation. Hill, a proponent of the legislative environment for crypto, previously highlighted the progress made in the House of Representatives. He emphasized passing the first comprehensive regulatory framework for digital assets and the prudent approach to stablecoins.\u00a0 Furthermore, Hill believes that these initiatives address significant \u201cregulatory gaps\u201d and contribute to the crypto industry’s growth. Pro-Crypto Stance And Legislative Initiatives Align Barr also commended the Clarity for Payment Stablecoins Act proposed by the Chairman of the US Financial Committee, Patrick McHenry.\u00a0 This act aims to establish consistent oversight and consumer protection for payment stablecoins, incorporating successful state-level regulations and striking a balance between innovation and regulatory certainty. McHenry, who has been vocal about the importance of the US leading the financial system of the future, has already emphasized the bipartisan progress on legislation to address the regulatory challenges posed by digital assets.\u00a0 McHenry called for the \u201ccompletion of the job,\u201d highlighting the Clarity for Payment Stablecoin Act as a crucial step towards establishing a federal framework for stablecoins. Related Reading: Solana Suffers 11th Outage In 2 Years, SOL Price Drops 3% Overall, the convergence of Secretary Yellen’s call for regulation, Representative Hill’s legislative initiatives, and Chairman McHenry’s pro-crypto stance reflect a growing momentum toward establishing a comprehensive regulatory framework for the crypto industry.\u00a0 However, it remains to be seen how Secretary Yellen’s proposed regulatory enforcement ideas and proposals will strike a balance between fostering innovation, as emphasized by McHenry and Hill while ensuring the growth of nascent technology.\u00a0 As discussions on crypto legislation continue, the industry eagerly anticipates the outcome, seeking a regulatory environment that provides clarity and consumer protection and positions the United States at the forefront of digital asset innovation. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":573702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,14690,13331,16125,89572,1558,88733,5164,84325,11164,89058,88670],"class_list":["post-573700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-crypto-news","tag-crypto-regulation","tag-crypto-regulations","tag-crypto-stablecoin","tag-cryptocurrency","tag-defi-stablecoin","tag-janet-yellen","tag-secretary-yellen","tag-stablecoin","tag-stablecoin-bill","tag-u-s-crypto-regulation"],"acf":[],"yoast_head":"\nUS Treasury Secretary Janet Yellen Urges Congress To Pass Crypto Legislation<\/title>\n<meta name=\"description\" content=\"US Treasury Department Secretary Janet Yellen 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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