Treasury Secretary Janet Yellen Calls For New Crypto Regulations In Congressional Hearing: 'Provide For The Regulation Of Stablecoins'
Portfolio Pulse from Mehab Qureshi
U.S. Treasury Secretary Janet Yellen urged Congress to introduce legislation for regulating stablecoins and the crypto spot market not classified as securities, highlighting the need to address regulatory gaps and potential misuse for payments and money laundering. Yellen's call for regulation comes amidst slow legislative movements due to a divided Congress. She proposes a federal regulator for stablecoins and regulatory protection for individuals holding stablecoins in wallets.
February 07, 2024 | 3:43 am
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NEUTRAL IMPACT
Janet Yellen's call for new crypto regulations, particularly for stablecoins, highlights regulatory gaps but does not directly impact Bitcoin, which is recognized as a non-security by most government divisions.
While Yellen's call for regulation targets stablecoins and the crypto spot market, Bitcoin is mentioned as a non-security, which might not be directly impacted by the proposed regulations. However, the overall regulatory environment and sentiment towards cryptocurrencies could influence Bitcoin's market indirectly.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50