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US Treasury Secretary Janet Yellen says “it is critical to put in place a strong regulatory framework” for crypto on the sidelines of the G20 meeting of finance ministers and central bank governors. “We have not proposed an outright ban on crypto activities,” Yellen added.
US Treasury Secretary Janet Yellen spoke about crypto regulation in an interview with Reuters on Saturday on the sidelines of the G20 meeting of finance ministers and central bank governors under India’s presidency in Bengaluru.
Yellen emphasized the importance of establishing a robust regulatory framework for cryptocurrencies while clarifying that the US has not proposed an outright ban. The Minister of Finance said:
We have not proposed an outright ban on crypto activities, but it is crucial to put a strong regulatory framework in place… We are working with other authorities.
Crypto regulation was among the main topics discussed by G20 finance ministers and central bankers during India’s presidency this weekend. During the meeting, India asked the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to develop a joint document on crypto to help formulate “a coordinated and comprehensive policy approach to crypto assets.”
Indian Finance Minister Nirmala Sitharaman has been pushing for international cooperation on crypto regulation for months. She said ahead of the G20 meeting that India had “detailed discussions” with G20 members on crypto regulation to establish a technology-driven regulatory framework or standard operating procedure (SOP) for crypto.
In the US, the Securities and Exchange Commission (SEC) has recently stepped up its enforcement efforts against crypto firms. The SEC recently charged crypto exchange Kraken for its staking program and Nexo for its Binance USD (BUSD) stablecoin issuance. The securities watchdog also charged Terraform Labs and CEO Do Kwon with defrauding investors.
IMF Managing Director Kristalina Georgieva also said on the sidelines of the G20 meeting this weekend that crypto needs “more regulation.” While noting that there needs to be a “very strong push for regulation,” she said: “If regulation fails, if you’re slow to do it, we shouldn’t take banning these assets off the table, because they could create financial stability Danger.”
In addition, the IMF’s executive board issued guidance this week to help countries develop effective crypto policies. A few board members believed that “outright bans should not be ruled out.” In addition, the board advised: “Crypto-assets should not be given official currency or legal tender status.”
What do you think of Treasury Secretary Janet Yellen’s statement on crypto? Let us know in the comments section below.
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