In a hearing of the House Financial Services Committee, Janet Yellen said there should be a regulatory approach on stablecoins applicable to all U.S. states.
Janet Yellen, United States Secretary of the Treasury, told lawmakers Congress should address gaps in digital asset regulation, some of which could present risks to either investors or the financial system.
In a Feb. 6 hearing over the Financial Stability Oversight Council annual report, House Financial Services Committee chair Patrick McHenry questioned Yellen about her views on pending legislation aimed at addressing stablecoins and regulatory clarity of the crypto space. The Treasury Secretary called regulation “critical” for certain areas, including protecting wallet holders and overseeing stablecoin issuers.
“There are many areas with respect to digital assets where we do have clear regulatory authority, but we’ve identified some gaps where, for consumer investor protection and to address financial stability risk, it would be useful for Congress to take action to fill those gaps,” said Yellen.
