Yellen Urges Congress to Fill Digital Asset Regulation Gaps

February 7th, 2024
Treasury Secretary Janet Yellen calls on Congress to address regulatory gaps in digital assets, warning of potential risks to investors and the financial system. During a hearing, Yellen stressed the importance of regulating wallet holders and stablecoin issuers, noting the CFTC's lack of authority over Bitcoin's spot market. She advocates for a unified federal regulatory framework for stablecoins, moving away from the current state-based approach. The push for clearer regulation follows the Financial Stability Oversight Council's annual report and precedes key legislative decisions on digital asset oversight.
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