In light of the rising legal cases against major cryptocurrency platforms Coinbase and Binance, U.S. Treasury Secretary Janet Yellen called for enhanced regulation to protect cryptocurrency users and investors.
During an interview with CNBC, Secretary Yellen expressed her public support for U.S. financial regulatory agencies, including the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), in their ongoing efforts to ensure the safety of crypto users and investors. These comments followed the recent legal proceedings initiated against crypto industry titans, Coinbase and Binance. However, Yellen refrained from commenting directly on these specific lawsuits.
Intriguingly, Yellen’s statements echo a report from the Financial Stability Oversight Council (FSOC), of which she is also the chair. The FSOC, in October last year, indicated that under certain circumstances, cryptocurrencies could pose…
