“Regulatory frameworks will need to appropriately reflect the risks of new business,” the US Treasury Secretary is expected to hammer today at the American University in Washington.
US Treasury Secretary Janet Yellen will insist on Thursday on the need to strengthen and adapt regulations in the face of cryptocurrencies, her ministry having been entrusted by Joe Biden with a report on “the future of money”.
“As banks and other traditional financial firms become more involved in digital asset markets, regulatory frameworks will need to appropriately reflect the risks of these new activities,” Ms. Yellen is expected to say in a speech Thursday morning.
It will also stress that “new types of intermediaries (…) should be subject to appropriate forms of supervision”.
“When new technologies enable new activities and new products and services, financial regulations must adapt”, added Joe Biden’s Minister of Economy, believing that this must “be guided by the risks associated with the services provided. to households and businesses, not by the underlying technology”.
The US president signed a decree on March 9 asking the Treasury Department to submit a report on “the future of money” within six months, thus launching the file of a digital dollar on which the central bank has been working for several years. US (Fed).
This one was charged to study the stages which it would be necessary to set up. In January, it published a report, the first stage of a public consultation.
“Under the presidential decree, we will ensure that consumers, investors and businesses have adequate protections against fraud and theft, breaches of privacy and data, as well as unfair and abusive practices”, should still say the Secretary of the Treasury, during this speech at the American University of Washington.
A Treasury official, however, told reporters that Janet Yellen “will not go into detail” on the specific risks associated with the war in Ukraine and sanctions against Russia. “There will be no (…) specific discussion (…) on sanctions, evasion and policies”.
However, Tuesday’s dismantling of the “largest” global “darknet” sales platform, Hydra, which has been operating in the Russian language since 2015, and the seizure of 23 million euros worth of bitcoins, should be mentioned, he said. precise.
If successful, the construction of the digital dollar could revolutionize global finance, over which the greenback reigns supreme.