U.S. Treasury Secretary Janet Yellen has urged Congress to enact legislation to regulate cryptocurrencies, highlighting the risks they pose to the financial system. In her testimony before the House Financial Services Committee, Yellen identified specific concerns, including the dangers of stablecoins, potential runs on crypto platforms, and price volatility. She emphasized the need for regulation of stablecoins and the spot market for crypto-assets that are not considered securities. The testimony was part of the annual report of the Financial Stability Oversight Council (FSOC), which had its authority restored by the current administration last year after being reduced in the past. Yellen's call for legislation was echoed by several reports and tweets from various sources, including financial news outlets and members of Congress.
JUST IN: 🇺🇸 Treasury Secretary Janet Yellen tells Congress to legislate crypto assets "that are not securities" such as #Bitcoin and stable coins. 👀 https://t.co/J0xiHRAPdh
⚠️Janet Yellen's testimony in front of the House Financial Services Committee today highlighted major concerns with #crypto She identified risks in stablecoins, crypto platform runs, and price volatility She urged Congress to pass laws for their regulation She also discussed… https://t.co/CzFs7BOCzw
🇺🇸YELLEN WANTS CRYPTO REGULATION The Treasury Secretary advocated for Congressional action to manage stablecoins and the broader crypto market. https://t.co/0x4UIKmT7F
Treasury Secretary Janet Yellen addressed Congress today, calling for comprehensive legislation to regulate non-securities crypto assets, emphasizing stablecoins https://t.co/GptfocFWDG
JUST IN: 🇺🇸 US Congressmen send letter to Janet Yellen demanding answers on her call to regulate spot market for crypto assets that are not securities. https://t.co/o9yoE2U0pk
JUST IN: 🇺🇸 US Congressmen demand answers from Treasury Secretary Janet Yellen on her call to regulate spot market for crypto assets that are not securities. https://t.co/AVNPlBm4Ub
🚨Chairman @CongressmanGT, @FinancialCmte Chairman @PatrickMcHenry, @RepFrenchHill, and @RepDustyJohnson are demanding answers from @SecYellen on FSOC’s calls to fill existing regulatory gaps in the spot market for digital assets that are not securities. #crypto https://t.co/1zVVkVrN9C
.@SecYellen: "Applicable rules and regulations should be enforced and Congress should pass legislation to provide for the regulation of stablecoins and of the spot market for crypto assets that are not securities.” https://t.co/Ipxqvb3JBH
Congress should pass legislation to provide for the regulation of stablecoins and of the spot market for crypto assets that are not securities, Yellen has said.
"Congress should pass legislation to provide for the regulation of stablecoins and of the spot market for crypto assets that are not securities," @SecYellen told U.S. lawmakers on Tuesday. https://t.co/jPWM2tCnlj https://t.co/Tbkf29E2e1
Treasury Secretary Yellen explains why she believes Congress should pass legislation to create a federal regulatory framework for stablecoins and crypto assets that are not securities: https://t.co/khBrB8agH6
JUST IN: 🇺🇸 US Treasury Secretary Janet Yellen asks Congress to regulate crypto assets "that are not securities." https://t.co/gRGes8FfCK
JUST IN: 🇺🇸 US Treasury Secretary Janet Yellen asks Congress to regulate stablecoins and crypto assets "that are not securities." https://t.co/Bvpj6qkcrG
JUST IN: 🇺🇸 Treasury Secretary Janet Yellen calls on Congress to pass crypto legislation. https://t.co/uwiO5w9lIm
🚨NEW: @USTreasury Secretary Janet Yellen pushes for Congress to pass #crypto legislation in a House hearing on U.S. financial stability. 👀👇🏼 https://t.co/fe6Nbf8OA6
⚠️ YELLEN SAYS CONGRESS SHOULD PROVIDE AUTHORITY TO REGULATE STABLECOINS (Reuters) U.S. Treasury Secretary Janet Yellen told lawmakers on Tuesday that Congress should provide a federal authority to regulate stablecoin issuers and wallet providers to close gaps in consumer… https://t.co/CIyFnBoahS
Sec. Yellen (@SecYellen) urges Congress to pass legislation to provide clarity in crypto markets during @FinancialCmte hearing "Congress should pass legislation to provide for the regulation of stablecoins and of the spot market for crypto-assets that are not securities" https://t.co/Z7IqvcLNSt
.@SecYellen is testifying in front of @FinancialCmte on the annual report of the Financial Stability Oversight Council (#FSOC). Trump gutted FSOC'S authority to protect our financial system but @POTUS reinstated it last year. https://t.co/tTR9bx1qeW
"Congress should pass legislation to provide for the regulation of stablecoins and of the spot market for crypto-assets that are not securities." -@SecYellen @FinancialCmte @FSCDems
@SecYellen: "Congress should pass legislation to provide for the regulation of stablecoins and of the spot market for crypto-assets that are not securities." @FinancialCmte @FSCDems
#HappeningNow: Chairman @PatrickMcHenry convenes the House Financial Services Committee on the annual report of the Financial Stability Oversight Council featuring testimony from @USTreasury Secretary Janet Yellen. 📺 Tune in 🔗 https://t.co/jNv7GiI4Qd https://t.co/aCD6wlL0W8
📺TUNE IN 📺 This morning I'll be questioning @SecYellen as she testifies to @FSCDems for a hearing on the annual report of the Financial Stability Oversight Council. Watch live at 10 AM! https://t.co/aBQ2aEcuyh
ICYMI: Treasury Secretary Janet Yellen calls for legislation amid cryptocurrency risks https://t.co/yeVrLwZBvl
Treasury Secretary Janet Yellen calls for legislation amid cryptocurrency risks https://t.co/3gnIsaTomR
U.S. Treasury Secretary Janet Yellen told Congress that cryptocurrencies pose a variety of potential harms to the financial system, including the dangers of stablecoins, runs on crypto platforms, and price fluctuations, and will continue to work with Congress to develop crypto…