U.S. Treasury Secretary Janet Yellen spoke to CNBC about the importance of digital assets in American investment decisions.
« Cryptocurrency has grown by leaps and bounds, and now it plays a significant role not so much in transactions, but in the investment decisions of many Americans,” she said.
Yellen confirmed her skepticism towards digital assets due to for threats to financial stability, the need to protect private investors, and the use of cryptocurrencies in illegal activities.
“On the other hand, cryptocurrencies have advantages, and we recognize the benefits of innovation in the payment system. Ultimately, we want to issue recommendations to create a regulatory field,” she added.
In the interview, Yellen also mentioned US President Joe Biden’s March executive order directing federal agencies to coordinate their efforts in regulating the cryptocurrency industry .
Recall that in December 2021, Yellen announced the necessary consensus of the authorities to issue a digital dollar.
Earlier, the US Department of the Treasury issued a report on the risks associated with stablecoins. The agency saw stablecoins as a threat to investors and market integrity, and also requested tough legislative restrictions.
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