Treasury Secretary Says U.S. Working With Other Countries on Crypto Regulatory Framework

Treasury Secretary Janet Yellen reportedly says the US government is joining hands with other nations to regulate crypto assets.

Although the US has not proposed banning crypto, Yellen says it is critical to have a strong regulatory framework for the nascent asset class.

Says the economist in an interview during the G20 meeting in Bengaluru, India, according to Reuters,“We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework. We’re working with other governments.”

Yellen’s statement comes as India, the current chair of G20 economies, introduces a bill to regulate the crypto market. India’s central bank wants to ban digital assets on the basis that they are akin to a Ponzi scheme.

In a bid to inform policymakers on the broader implications of crypto assets, India initiated a seminar during the G20 meeting that highlighted the consequences of crypto adoption on the economic stability of countries.

Says India’s Ministry of Finance,“The event has helped initiate a broader dialogue on crypto assets, but also raises several pertinent policy questions that policymakers and regulators need to evaluate closely.”

Finance Minister Nirmala Sitharaman previously said that G20 countries need to discuss the necessity of establishing a global framework for crypto given that digital assets involve sophisticated technologies.