Yellen Says US Crypto Rules Should Support Innovation, Manage Risks

U.S. Treasury Secretary Janet Yellen said on Thursday crypto asset regulations should support responsible innovation while managing risks, sticking to the contours of a recent White House executive order that was well-received by the crypto market. From a report: In a speech on digital assets policy released by the Treasury, Yellen said that in many cases regulators already have authorities that can manage crypto risks and provide appropriate oversight of new types of intermediaries such as digital asset exchanges. "Our regulatory frameworks should be designed to support responsible innovation while managing risks -- especially those that could disrupt the financial system and economy," Yellen said in the excerpts of her speech to be delivered at American University in Washington. "As banks and other traditional financial firms become more involved in digital asset markets, regulatory frameworks will need to appropriately reflect the risks of these new activities," she said.

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