- US Treasury Secretary Janet Yellen will not impose a ban on the cryptocurrency industry but rather impose stricter regulations.
- The new regulations are expected to bring stability and trust to crypto markets.
- The SEC has investigated a number of cryptocurrency exchange companies, including Paxos Trust.
Following the collapse of FTX, where the CEO, Sam-Bankman Fried, misappropriated customer funds, US authorities have since tightened regulation guidelines in order to curb the crypto market’s potential for illicit activities.
According to a recent tweet, Lark Davis, a crypto educator, and investor stated that US Treasury Secretary Jannet Yellen will not impose a ban on the cryptocurrency industry, but rather the US treasury will impose stricter regulations that will be followed by all crypto traders and investors in the country. She believes that the new regulations will bring stability and trust to crypto markets, which will be beneficial for the long-term growth of the industry.
The chair of the committee and the leader of the Senate asked Yellen, the Secretary of the Treasury of the United States, to impose stricter regulations on cryptocurrencies within the United States during a meeting they had with her last year.
Several cryptocurrency exchanges have recently faced charges from the US Securities and Exchange Commission (SEC). The SEC has investigated a number of cryptocurrency exchange companies, including Paxos Trust, which issued the Binance USD (BUSD) stablecoin in conjunction with Binance, the largest cryptocurrency trading platform, despite claims from the SEC that the stablecoin was an unregistered security.
These comments from Yellen are likely to be seen as a positive development for the cryptocurrency industry, which has faced uncertainty and regulatory scrutiny in recent years. While it is unclear what specific regulations the government may put in place, Yellen’s comments suggest that they will be focused on preventing illegal activities and protecting consumers, rather than banning cryptocurrencies outright.
Read Also :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.