There are gaps in the regulatory framework for digital assets that should be addressed through improved legislation. This was announced to CNBC by the head of the US Treasury, Janet Yellen.
“We’ve identified a number of risks [with crypto]. I’m supportive of those agencies to use the tools they have,” says @SecYellen. “I see some holes in the system where additional regulation would be appropriate. We’d like to work with Congress to see additional regulation pass.” pic.twitter.com/leZjF5QRU0
— Squawk Box (@SquawkCNBC) June 7, 2023
“We have identified a number of risks. I support agencies [SEC и CFTC] using the available tools. […] We stand ready to work with Congress to approve additional oversight.” the official said.
In November 2022, Yellen noted that the collapse of FTX showed the cryptocurrency industry’s need for “very careful regulation.”
In early June, the SEC sued Binance and its CEO Changpeng Zhao. The Commission charged the defendants with unregistered activities, illegal offering of securities to investors, and mixing client and corporate assets.
Following the regulator filed a lawsuit against Coinbase. The SEC claims relate to the company’s consolidation of the functions of a broker, exchange and clearing agency, a staking program, and other violations of securities laws.
Earlier in 2023, the Commission pointed to violations in the operation of Bittrex, Coinbase, Kraken, Gemini and Genesis. The CFTC has filed a lawsuit against Binance and its CEO Changpeng Zhao.
In April 2023, the head of the SEC, Gary Gensler, faced criticism regarding the position of his department regarding digital assets during hearings in the US House of Representatives.
Recall that in the future, Congressman Warren Davidson announced a bill that involves the resignation of Gensler from the post of chairman of the department.
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