Janet Yellen Defers Crypto Regulation to SEC and CFTC

IconCryptoNewsTerminal Staff09 Jul, 2024

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Janet Yellen Defers Crypto Regulation to SEC and CFTC

Treasury Secretary Janet Yellen has clarified her stance on cryptocurrency regulation, stating that she is not directing the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in this matter. Yellen's statement came during a hearing before the House Financial Services Committee on Tuesday, where she emphasized that her role is to ensure financial stability and protect consumers. She noted that the SEC and CFTC have expertise in regulating securities and commodities, respectively, and are therefore better equipped to handle crypto regulation. This announcement provides clarity on the regulatory landscape for cryptocurrencies in the United States. It indicates that the SEC and CFTC will play a primary role in shaping crypto regulations, while the Treasury Department focuses on broader economic and financial issues.

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