{"id":3228,"date":"2022-04-08T18:46:26","date_gmt":"2022-04-08T18:46:26","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=3228"},"modified":"2022-04-08T18:46:26","modified_gmt":"2022-04-08T18:46:26","slug":"treasury-secretary-yellen-says-crypto-regulation-should-support-responsible-innovation-manage-risks","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3228","title":{"rendered":"Treasury Secretary Yellen Says Crypto Regulation Should Support Responsible Innovation, Manage Risks"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Treasury Secretary Yellen says the regulatory frameworks for crypto assets in the U.S. should \u201csupport responsible innovation while managing risks.\u201d She emphasized, \u201cRegulation should be based on risks and activities, not specific technologies.\u201d<\/strong><\/p>\n<h2>Treasury Secretary Yellen on Crypto Regulation<\/h2>\n<p>U.S. Treasury Secretary Janet Yellen talked about crypto regulation Thursday at American University\u2019s Kogod School of Business Center for Innovation.<\/p>\n<p>\u201cDigital assets may be relatively new, but they are part of a larger trend \u2013 the digitization of finance \u2013 that has been in the making for decades,\u201d she began.<\/p>\n<p>Yellen mentioned a wide range of topics relating to bitcoin and other cryptocurrencies, including how Bitcoin got started, Satoshi Nakamoto, the Bitcoin white paper, decentralized peer-to-peer systems, the double-spend problem, bitcoin\u2019s volatility, and crypto adoption. Moreover, she referenced President Joe Biden\u2019s recent executive order on the regulation of crypto assets.<\/p>\n<p>The treasury secretary proceeded to share some lessons that \u201capply as we navigate the opportunities and challenges posed by these emerging technologies,\u201d she described, adding that one of the lessons is \u201cWhen regulation fails to keep pace with innovation, vulnerable people often suffer the greatest harm.\u201d<\/p>\n<p>She also discussed stablecoins. \u201cOf course, stablecoins are just one piece of a much larger ecosystem of digital assets,\u201d Yellen said, elaborating:<\/p>\n<p>Our regulatory frameworks should be designed to support responsible innovation while managing risks \u2014 especially those that could disrupt the financial system and economy.<\/p>\n<p>\u201cAs banks and other traditional financial firms become more involved in digital asset markets, regulatory frameworks will need to appropriately reflect the risks of these new activities,\u201d she detailed. \u201cAnd, new types of intermediaries, such as digital asset exchanges and other digital native intermediaries, should be subject to appropriate forms of oversight.\u201d<\/p>\n<p>Furthermore, Yellen opined:<\/p>\n<p>Regulation should be based on risks and activities, not specific technologies.<\/p>\n<p>\u201cWhen new technologies enable new activities, products, and services, financial regulations need to adjust,\u201d she stressed. \u201cBut, that process should be guided by the risks associated with the services provided to households and businesses, not the underlying technology. Wherever possible, regulation should be \u2018tech neutral.&#8217;\u201d<\/p>\n<p>In March, Yellen admitted that crypto has benefits, noting that the Treasury is working on crypto regulation. \u201cCrypto has obviously grown by leaps and bounds and it\u2019s now playing a significant role, not really so much in transactions, but in investment decisions of lots of Americans,\u201d she said.<\/p>\n<p><em><strong>What do you think about Treasury Secretary Janet Yellen\u2019s remarks? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/treasury-secretary-yellen-crypto-regulation-should-support-responsible-innovation-manage-risks\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Yellen says the regulatory frameworks for crypto assets in the U.S. should \u201csupport responsible innovation while managing risks.\u201d She emphasized, \u201cRegulation should be based on risks and activities, not specific technologies.\u201d Treasury Secretary Yellen on Crypto Regulation U.S. Treasury Secretary Janet Yellen talked about crypto regulation Thursday at American University\u2019s Kogod School of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-3228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3228"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3228\/revisions"}],"predecessor-version":[{"id":3230,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3228\/revisions\/3230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3229"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}