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In her testimony to Congress, US Treasury Secretary Janet Yellen drew attention to the potential risks of the crypto industry. Yellen emphasized that various issues, such as the dangers of stablecoins, conditions on crypto platforms, and volatile prices, threaten financial stability for the financial system.
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On Tuesday, Janet Yellen appeared before the House Financial Services Committee to explain the recent work of the Financial Stability Oversight Council (FSOC), which is composed of the heads of US financial agencies. The council aims to prevent crypto risks and avert financial crises, and has paid special attention to this area in recent years.
In her prepared statement, she said, “The Council has focused on the risks associated with digital assets and transactions on crypto-asset platforms, vulnerabilities that could arise from crypto-asset price volatility, and regulatory gaps.”
Janet Yellen stated that she would continue to work with Congress on crypto legislation. “It is important that existing rules be enforced, and Congress should pass legislation to ensure that stablecoins are regulated and that there is oversight of spot markets for non-securities crypto assets,” she said.
Yellen’s remarks indicate that the crypto sector is at the center of the US government’s financial concerns.