U.S. Treasury Secretary Janet Yellen mentioned on the sidelines of the G20 assembly for Treasury Ministers and Central Financial institution Governors that it’s “necessary to place in place a powerful regulatory framework” for cryptocurrencies. “We aren’t proposing an outright ban on cryptocurrency exercise,” Yellen added.
Janet Yellen on “robust” crypto regulation
US Treasury Secretary Janet Yellen spoke about cryptocurrency regulation in an interview with Reuters on Saturday.
Whereas making it clear that the US isn’t proposing an outright ban, Yellen pressured the significance of creating a powerful regulatory framework for cryptocurrencies. The Treasury Secretary mentioned:
We aren’t proposing an outright ban on cryptocurrency actions, however you will need to put in place a powerful regulatory framework…we’re working with different governments.
Crypto regulation was one of many key matters mentioned by G20 finance ministers and central bankers underneath the Indian president this weekend. FSB) to develop a joint doc on crypto to assist develop a “coordinated complete coverage method to crypto belongings”.
Indian Finance Minister Nirmala Sitharaman has been selling worldwide cooperation on cryptocurrency regulation for a number of months. She mentioned that forward of the G20 assembly, India was having “in-depth discussions” on crypto regulation with G20 members and was establishing a technology-driven regulatory framework or customary working process (SOP) for crypto.
In america, the Securities and Trade Fee (SEC) just lately stepped up its crackdown on cryptocurrency corporations. The SEC just lately billed cryptocurrency alternate Kraken for its staking program and Nexo for issuing the Binance USD (BUSD) stablecoin. Securities regulators have additionally charged Terraform Labs and CEO Do Kwon with deceiving traders.
IMF Managing Director Kristalina Georieva mentioned on the sidelines of the G20 assembly this weekend that cryptocurrencies want “extra regulation.” Noting that she must “pull regulation very strongly,” she mentioned: harmful. “
Moreover, the IMF Govt Board this week offered steerage to assist nations develop efficient crypto insurance policies. Some administrators believed that “outright bans shouldn’t be dominated out.” Moreover, the Board suggested:
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