According to a report from CoinDesk, a brief testimony released on Monday showed that US Treasury Secretary Janet Yellen will explain several potential risks that the cryptocurrency industry poses to the financial system, including the dangers of stablecoins, cryptocurrency platform runs, and price volatility.
Yellen will attend a hearing of the House Financial Services Committee on Tuesday to explain the latest work of the Financial Stability Oversight Council (FSOC). In recent years, the council has paid special attention to the risks of cryptocurrencies and has listed it as one of the primary areas of concern.
In her prepared testimony, Yellen stated that she will continue to work with Congress on cryptocurrency legislation and stated, “Appropriate rules and regulations should be implemented, and Congress should pass legislation to regulate the spot market for stablecoins and non-securities crypto assets.”
While her brief statement did not disclose any new concerns or initiatives, the fact that she included digital assets as one of her key issues signifies that the cryptocurrency field remains a focus of financial attention for the US government.
