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  1. Crypto Channel
  2. U.S. Treasury Secretary Calls For Crypto Regulation
Crypto Channel
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U.S. Treasury Secretary Calls For Crypto Regulation

Ben HernandezApr 08, 2022
2022-04-08

Whenever the federal government opines on cryptocurrency, it could cut both ways. In the case of U.S. Treasury Secretary Janet Yellen, her recent remarks could prove bullish for Bitcoin.

It’s no secret that the federal government is looking at the cryptocurrency market closely, wondering how to best wrangle the industry. Yellen, during a speech on digital assets policy, noted that regulation is indeed necessary, but innovation is also welcome, per a Reuters report.

“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 pieces of her speech to be delivered at American University in Washington.

As global adoption continues, players in the traditional finance market, such as banks, are starting to get involved. As such, more regulation is necessary for a banking industry that is certainly familiar with regulatory measures.

“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.

Protection While Supporting Innovation

One of the major concerns the federal government has with cryptocurrency has to do with safety. With the potential for hacks, especially amid a heightened awareness following Western sanctions against Russia, the federal government is looking to protect the industry from potential cyber-attacks.

This poses a quandary when you involve the heavy regulation of banks. As such, Yellen supports regulation that protects retail customers and businesses from potential fraud.

“For example, consumers, investors, and businesses should be protected from fraud and misleading statements regardless of whether assets are stored on a balance sheet or distributed ledger,” Yellen said. “Similarly, firms that hold customer assets should be required to ensure those assets are not lost, stolen, or used without the customer’s permission.”

If future innovation can drive prices further, then long-term investors or short-term traders can look to bullish prices with exchange-traded funds (ETFs) focusing on Bitcoin futures. One such fund to consider is the ProShares Bitcoin ETF (BITO).

For more news, information, and strategy, visit the Crypto Channel.


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