👿Legislation to facilitate fines, I understand!
U.S. Treasury Secretary calls for crypto legislation on “non-security” tokens
On February 7, U.S. Treasury Secretary Janet Yellen stated at a hearing held by the House Financial Services Committee (HFSC) on Tuesday: "Congress should pass legislation to regulate stablecoins and the spot market of non-security crypto assets." Yellen acknowledged that current rules and regulations should also be enforced, citing various ways in which digital assets could affect the country's financial stability, including "runs" on trading platforms or stablecoin providers, as well as volatility in cryptocurrency markets. Regarding stablecoins, Yellen said that federal regulators should be able to shut down stablecoin issuers that do not meet the national "regulatory baseline" and that it is "critical" to provide regulatory protection for stablecoin wallet holders.
