US Treasury Secretary Janet Yellen said on Wednesday that she supports US regulatory control over cryptocurrencies to protect consumers and investors, and will work with Congress to pass additional laws.
In an interview with CNBC, Yellen said that additional crypto regulation would be appropriate given the risks and challenges posed by this rapidly evolving industry.
“We have identified a number of crypto-related risks. I support these institutions (SEC) to use the tools they have,” Yellen said.
“I see some loopholes in the system where additional adjustments would be appropriate. We want to work with Congress to pass additional regulations.”
Yellen's comments came amid a crackdown on crypto exchanges by the Securities and Exchange Commission (SEC), which has recently sued Binance and Coinbase for allegedly violating securities laws by offering unregistered products and services.
Yellen also reiterated that she sees a way to reduce inflation while maintaining a strong labor market, a top priority for the Biden administration.
"We're seeing some signs of easing in labor market pressures," Yellen said.
"We will continue to see economic progress in reducing inflation over the next two years."
Yellen said the Treasury continues to be able to pay all of America's bills, thanks to the latest agreement to suspend the debt limit until December 2023.
*Not investment advice.
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