Treasury's Yellen to deliver first speech on Crypto in U.S. Economy

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Mark Warner, CC BY 2.0, via Wikimedia Commons

U.S. Treasury Secretary Janet Yellen will share her opinion on the crypto industry in her first official speech regarding this topic.

Yellen will talk about the views the Treasury Department has on cryptocurrencies, since they are an emerging part of the U.S. economy, on Thursday at the American University in Washington, D.C.

The speech is scheduled for 10:30 a.m. ET and it's probable that it will echo some of the sentiments expressed previously in President Biden's executive order calling for further scrutiny on the industry.

According to the Treasury Dept. 'Secretary Yellen will make the case for a consistent and comprehensive policy framework that promotes responsible innovation of digital assets and appropriately assesses and mitigates the risks they may pose."

Since last year the Biden administration as well as Yellen's agency have been devoting a lot more attention to the crypto industry, with their main focus on stablecoins.

U.S. regulators have been urging the Congress to authorize new regulations that govern stablecoin issuers in much the same way the government oversees banks.

Yellen, an early crypto skeptic during her time as Fed chair, has struck a more careful tone and acknowledges the industry's financial innovations and that digital assets and decentralized finance will be playing a more important role in Americans' investments.


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