Yellen says crypto rules should support innovation and manage risk

US Treasury Secretary Janet Yellen said on Thursday that cryptocurrency regulations should support responsible innovation while managing risk, following the contours of a recent White House executive order that was well received. by the sector.

In a policy speech for digital assets released by the Treasury, Yellen said that in many cases, regulators already have authorities that can manage crypto risk and provide adequate oversight of new types of intermediaries, such as digital asset exchanges.

“Our regulatory frameworks must be designed to support responsible innovation while managing risk – especially those that could disrupt the financial system and economy,” Yellen said in excerpts of her speech, to be delivered to American University in Washington.

The regulation of cryptocurrencies in the US is still not harmonious and regulators are figuring out the best way to oversee cryptocurrency trading platforms and services provided by banks, such as custody of digital assets.

Source: CNN Brasil

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