U.S. Treasury Secretary Janet Yellen supports stronger regulation of the crypto industry

Speaking on CNBC, the U.S. Treasury Secretary reiterated the relevance of SEC action against the cryptocurrency exchanges Coinbase and Binance.

Janet Yellen said that in the face of ever-increasing risks, the country’s authorities need to strengthen regulation of the cryptocurrency industry to ensure that consumers of services and investors are protected.

Yellen assured that the U.S. federal government is confident that the regulatory measures in the current legal framework are sufficient. According to the Minister, the SEC and the Commodity Futures Trading Commission (CFTC) have all the authority and necessary tools to represent the state in the case against Coinbase and Binance. The head of the Treasury Department refrained from commenting on specific legal cases that have been initiated thanks to the SEC, but expressed support from the government and affirmed the relevance of the commission’s actions.

A day earlier, SEC Chairman Gary Gensler had formally articulated the
The agency’s position is that the U.S. does not need any crypto-assets other than its state central bank digital currency.