The US Treasury Secretary Janet Yellen has lauded Biden’s crypto market executive order while pledging to contribute towards ethical innovation and risk prevention in the sector.
Yellen, in a statement, emphasized the need for responsible innovation and user protection while praising the coordinated approach in digital asset regulation.
She notes that a united regulatory front is beneficial to the country, enterprises, and consumers. Yellen thinks that the approach will also prevent illegal finance.
The Treasury has pledged to work with other agencies on a report about the future of money and payment systems. She adds that the institution will also summon the Financial Stability Oversight Council to ascertain the crypto market risks.
Yellen, who has been a crypto skeptic in the past, seems to have softened her position with recent calls for bitcoin safeguards.
President Biden’s team aims not to delay the regulations further, with the law expected to take effect in 2022. Investor protection, stablecoins regulations, and taxation are the major issues in the anticipated legislation.