Treasury Secretary Janet Yellen will deliver her first speech on crypto and call for a 'comprehensive policy framework'
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- Treasury Secretary Janet Yellen is set to give her first-ever speech on cryptocurrency policy and regulation.
- The Thursday 10:30 a.m. ET speech will outline possible steps the Treasury could take to investigate the use and technology of digital assets.
- Last month, President Joe Biden signed an executive order that directs federal agencies to study the risks and benefits of cryptocurrencies.
Treasury Secretary Janet Yellen is set to give her first-ever speech dedicated to cryptocurrency policy and regulation on Thursday.
The 10:30 a.m. ET speech will outline possible steps the Treasury could take to investigate the use and technology of digital assets, and how they fit in as an emerging part of the US economy.
"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," the US Treasury announced Tuesday.
The speech marks the latest sign that the the US government is ramping up efforts to regulate cryptocurrencies.
Last month, President Joe Biden signed an executive order that directs federal agencies to study the risks and benefits of cryptocurrencies. Protecting consumers, reducing crime risks, and examining a potential US digital dollar are among the priorities in the order, which aims to unify the US government's oversight of the $2 trillion market for digital assets.
And on Monday, Securities and Exchange Commission Chairman Gary Gensler called for greater cooperation between Washington's financial regulators when it comes to cryptocurrencies.
Most cryptocurrencies are securities, so the SEC should team up with the Commodity Futures Trading Commission to regulate them, he said.
The head of the CFTC, Rostin Behnam, told the US Senate in February that his organization is prepared to embrace the challenges of the crypto sector.
"The CFTC is well situated to play an increasingly central role in overseeing the cash digital asset commodity market," Behnam said.