{"id":79880,"date":"2023-06-07T17:08:14","date_gmt":"2023-06-07T14:08:14","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79880"},"modified":"2025-09-11T13:33:02","modified_gmt":"2025-09-11T10:33:02","slug":"u-s-treasury-secretary-urges-congress-to-pass-cryptocurrency-legislation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/u-s-treasury-secretary-urges-congress-to-pass-cryptocurrency-legislation\/","title":{"rendered":"U.S. Treasury Secretary Urges Congress to Pass Cryptocurrency Legislation"},"content":{"rendered":"<p>There are gaps in the regulatory framework for digital assets that should be addressed through legislation, Janet Yellen told CNBC.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">&#8220;We&#8217;ve identified a number of risks [with crypto]. I&#8217;m supportive of those agencies to use the tools they have,&#8221; says <a href=\"https:\/\/twitter.com\/SecYellen?ref_src=twsrc%5Etfw\">@SecYellen<\/a>. &#8220;I see some holes in the system where additional regulation would be appropriate. We&#8217;d like to work with Congress to see additional regulation pass.&#8221; <a href=\"https:\/\/t.co\/leZjF5QRU0\">pic.twitter.com\/leZjF5QRU0<\/a><\/p>\n<p>\u2014 Squawk Box (@SquawkCNBC) <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1666421098286596097?ref_src=twsrc%5Etfw\">June 7, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;We have identified a number of risks. I support the agencies [<span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> and <span data-descr=\"U.S. Commodity Futures Trading Commission\" class=\"old_tooltip\">CFTC<\/span>] in using the tools at their disposal. We are prepared to work with Congress to enact additional oversight,&#8221;<\/em> the official said.<\/p>\n<\/blockquote>\n<p>In November 2022, <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">the collapse of FTX<\/a> showed the crypto industry&#8217;s <a href=\"https:\/\/u1f987.com\/en\/news\/janet-yellen-ftx-collapse-reveals-weak-spots-in-the-crypto-industry\">need for &#8220;very careful regulation&#8221;<\/a>.<\/p>\n<p>In early June <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-binance-and-changpeng-zhao\">the SEC filed suit against Binance<\/a> and its CEO Changpeng Zhao. The Commission accused the defendants of unregistered activity, illegal offering of securities to investors, and the commingling of customer and corporate assets.<\/p>\n<p>Subsequently, the regulator <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-coinbase-exchange\">filed suit against Coinbase<\/a>. The SEC&#8217;s claims concern the company&#8217;s consolidation of broker, exchange and clearinghouse functions, its staking program, and other violations of securities laws.<\/p>\n<p>Earlier in 2023, the Commission flagged violations in the operations of <a href=\"https:\/\/u1f987.com\/en\/news\/sec-sues-bittrex-and-bittrex-global\">Bittrex<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/sec-issues-wells-notice-to-coinbase\">Coinbase<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/kraken-to-pay-30-million-to-settle-sec-charges\">Kraken<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/sec-accuses-gemini-of-selling-unregistered-securities\">Gemini and Genesis<\/a>. The CFTC <a href=\"https:\/\/u1f987.com\/en\/news\/cftc-files-suit-against-binance-and-changpeng-zhao\">filed suit<\/a> against Binance and its CEO Changpeng Zhao.<\/p>\n<p>In April 2023, SEC Chair Gary Gensler <a href=\"https:\/\/u1f987.com\/en\/news\/republicans-grill-sec-chair-during-congressional-hearings\">faced criticism<\/a> over his agency&#8217;s stance on digital assets during hearings before the U.S. House of Representatives.<\/p>\n<p>Earlier, Congressman Warren Davidson announced a bill that <a href=\"https:\/\/u1f987.com\/en\/news\/us-congress-to-propose-removing-sec-chair-over-abuses\">would remove Gensler<\/a> from the post of the agency&#8217;s chairman.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yellen: there are gaps in the regulatory framework for digital assets that should be addressed through legislation.<\/p>\n","protected":false},"author":1,"featured_media":79881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[879,2085,36,128,1230],"class_list":["post-79880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cftc","tag-janet-yellen","tag-regulation","tag-sec","tag-us-congress"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79880"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79880\/revisions"}],"predecessor-version":[{"id":79882,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79880\/revisions\/79882"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79881"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}