WASHINGTON : U.S. Treasury Secretary Janet Yellen said on Thursday crypto asset regulations should support responsible innovation while managing risks, sticking to the contours of a recent White House executive order that was well-received by the crypto market.
"Our regulatory frameworks should be designed to support responsible innovation while managing risks – especially those that could disrupt the financial system and economy," Yellen said in the excerpts of her speech to be delivered at American University in Washington. Crypto regulation remains patchy and regulators are still figuring out the best way to oversee trading platforms and crypto services provided by banks, such as digital asset custody.
Biden's executive order requires the Treasury and the Commerce Departments and other agencies to prepare reports on"the future of money" and the role cryptocurrencies will play.