Crypto Community Relieved as Yellen Promises Regulation Instead of Ban

46M Americans Hold Bitcoin

  1. US Treasury Secretary Janet Yellen will not impose a ban on the cryptocurrency industry but rather impose stricter regulations.
  2. The new regulations are expected to bring stability and trust to crypto markets.
  3. 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.

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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.