"Tech neutral" but "risk aware": Yellen outlines thoughts on crypto regulation

"Tech neutral" but "risk aware": Yellen outlines thoughts on crypto regulation

April 11, 2022, Global Banking Regulation Review

Mike Nonaka spoke with Global Banking Regulation Review regarding U.S. Treasury Secretary Janet Yellen’s remarks calling for “tech-neutral” regulation in the cryptocurrency space that is also “risk-aware.” Separately, the FDIC published a letter expressing a new notification requirement of all FDIC-supervised institutions to notify the FDIC of any activities involving or related to crypto assets.

Mike told GBRR that Yellen's remarks and the FDIC letter are “indicative of trends with regulators continuing to use their existing regulatory, supervisory, and enforcement tools to regulate digital assets.”

“Secretary Yellen's remarks show that the United States' regulation of digital assets is a work in progress,” Mike said. He added that Biden’s recent executive order and statements made by OCC acting comptroller Michael Hsu and Federal Reserve governors demonstrate that “regulators recognize the benefits and risks of digital assets and are prioritizing digital assets highly.”

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