Close Menu
  • Homepage
  • Local News
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
  • Business
  • Technology
  • Health
  • Lifestyle
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
Facebook X (Twitter) Instagram Pinterest
JHB NewsJHB News
  • Local
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
Let’s Fight Corruption
JHB NewsJHB News
Home»Finance»U.S. Treasury’s Yellen says cryptocurrencies need regulation
Finance

U.S. Treasury’s Yellen says cryptocurrencies need regulation

December 1, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

NEW YORK, Nov 30 (Reuters) – U.S. Treasury Secretary Janet Yellen on Wednesday stated latest turmoil within the cryptocurrency market has not spilled over to the banking sector, however she remained skeptical in regards to the trade and believed it wanted satisfactory regulation.

Yellen informed an occasion hosted by the New York Occasions DealBook that it was essential to make sure that crypto belongings had satisfactory buyer protections.

“I’ve been skeptical, and I stay fairly skeptical,” she stated.

She added it was essential to stay open to monetary improvements, particularly if they might decrease the price of cross-border transactions and assist enhance monetary inclusion, however stated that was not what latest developments had been about.

“I believe the whole lot we have lived by means of over the past couple of weeks, however earlier as properly, says that is an trade that actually must have satisfactory regulation. And it would not,” she stated.

Cryptocurrency change FTX, which filed for chapter in Delaware on Nov. 11, had stated it owes its 50 greatest collectors practically $3.1 billion. The high-profile crypto blowup left an estimated 1 million clients and different traders dealing with whole losses within the billions of {dollars}.

Yellen informed DealBook that america was concerned in discussions with allies about regulating cryptocurrencies and the Treasury Division had additionally finished quite a lot of stories mapping out “vital” issues.

One key precedence, she stated, can be to make sure safety of buyer belongings and segregation of these belongings to stop issues equivalent to these seen with FTX.

The cryptocurrency disaster amounted to a “Lehman second” for the sector, Yellen stated, referring to the 2008 chapter of Lehman Brothers funding financial institution, which triggered an enormous inventory market downturn and led to a $700 billion bailout of monetary gamers by the U.S. authorities.

“The nice piece of an explosion like we noticed is that it hasn’t spilled over to the banking sector. Banking regulators have been very cautious about crypto,” she stated.

“It is a Lehman second inside crypto, and crypto is large enough that we have had substantial hurt with traders.”

Reporting by David Lawder and Andrea Shalal in Washington
Modifying by Matthew Lewis

: .

Source link

cryptocurrencies regulation Treasurys U.S Yellen
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Got $5,000? These 3 High-Yielding Dividend Stocks Are Trading Near Their 52-Week Lows.

May 31, 2025

Atlantic International Corp. (ATLN) Launches AI-Powered Workforce Intelligence Platform via Lyneer

May 31, 2025

Jamie Dimon vows to support Elon Musk

May 31, 2025

US SEC dismisses lawsuit against Binance crypto exchange

May 31, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

3 bureaucrats walk out of jail after getting bail in Chhattisgarh coal levy ‘scam’ | India News

May 31, 2025

Birth control increases stroke risk – here’s what women need to know | Health News

May 31, 2025

Gold, silver & bronze count — overall medal tally; Check full list of Indian medal winners

May 31, 2025

Europe’s US-backed conservatives hope this is their moment to go mainstream

May 31, 2025
Popular Post

Manika Batra’s message on Vinesh Phogat’s first social media post: ‘You’ve shown us what it means to chase dreams with passion’ | Sport-others News

What Trump’s Return Might Mean For Europe, And How It’s Preparing For It

Vote to continue strike exposes Boeing workers’ anger over lost pensions

Subscribe to Updates

Get the latest news from JHB News about Bangalore, Worlds, Entertainment and more.

JHB News
Facebook X (Twitter) Instagram Pinterest
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
© 2025 Jhb.news - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.