In the wave of digital currency, the role and responsibility of regulators have increasingly become the focus of public attention. In the face of growing regulatory differences and potential financial risks in the field of cryptocurrency, U.S. Treasury Secretary Janet Yellen made a statement at a hearing of the House Financial Services Committee on July 9.
Secretary Yellen stressed that despite the conflicting positions of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) on cryptocurrency regulation, the Treasury Department does not bear the responsibility of "coordinating" between the two. She also responded to the issue of concentration risk and concerns that Russia may use cryptocurrencies and stablecoins to circumvent US sanctions.
Disagreement among regulators
At a hearing of the House Financial Services Committee, French Hill, chairman of the committee, said that the SEC and CFTC have taken opposing legal positions on cryptocurrency regulation in federal courts. He also asked the Treasury Department's Financial Stability Oversight Council (FSOC) whether there are plans to coordinate the two agencies to unify regulatory policy positions.
Hill stressed that as a financial regulator, FSOC has the responsibility to control and manage financial risks.
However, Secretary Yellen took a different view, making it clear that the FSOC’s responsibilities do not include adjudicating regulatory disagreements between the SEC and the CFTC.
Yellen further explained that the Treasury Department has released a report on the risks of cryptocurrencies, which has somewhat alleviated the risks caused by the lack of consensus among regulators.
It is reported that in the early stages of the hearing, Yellen assured Hill that she would continue to work on building a comprehensive regulatory framework for digital assets. She expressed her hope that this effort would eventually yield positive results, while also emphasizing the importance of a regulatory framework to ensure the healthy development of the cryptocurrency market and the stability of the financial system.
Centralization risks and international sanctions
During a hearing before the House Financial Services Committee, Treasury Secretary Janet Yellen answered a series of in-depth questions about cryptocurrencies.
Congressman Mike Flood raised questions about the regulation of decentralized trading protocols, asking whether they should be treated differently from centralized services. Yellen responded by saying that the SEC and CFTC are actively studying the issue, and noted that in addition to the two committees, banking regulators may also need to be involved in related regulatory work.
Flood further raised a question about the regulation of Bitcoin exchange-traded funds (ETFs). He was concerned about whether this would bring concentration risks if the number of Bitcoin ETF custodians that registered investment advisers (RIAs) can choose is limited. Yellen acknowledged that this trend of centralization does have potential risks, but due to the lack of more detailed information, she did not give a clear judgment.
In addition, Congressman Brad Sherman raised the question of Russia's use of cryptocurrencies to circumvent Western sanctions. Yellen said that the Treasury Department is paying close attention to the use of cryptocurrencies and stablecoins, but based on the current situation, she does not think that Russia's activities in this regard are particularly large. Yellen's statement shows the US government's vigilance and prudence in monitoring and responding to the international risks that cryptocurrencies may bring.
Through these questions and answers, we can see the complex considerations of the US government in cryptocurrency regulation and its efforts to find a balance between maintaining financial security and promoting technological innovation. Yellen's response also reflects the Treasury Department's active actions in this area and its close attention to the international situation.
Conclusion:
At the hearing of the House Financial Services Committee, Secretary Janet Yellen's remarks reflected the U.S. government's prudence and careful consideration on the issue of cryptocurrency regulation. She gave clear responses and attention to the differences between regulators, the potential for concentration risks, and the complexity of international sanctions evasion. Yellen's remarks not only provided guidance for the direction of cryptocurrency market regulation, but also emphasized the importance of finding a balance between financial innovation and risk management.
As cryptocurrency technology continues to evolve, ensuring a sound and transparent regulatory environment becomes even more critical. This is not only related to the healthy development of the market, but also an important part of global financial stability and national security. The U.S. government's efforts in this area indicate that a more coordinated regulatory strategy may be formed in the future to address the challenges and opportunities brought by cryptocurrencies. #加密货币 #监管立场 #CFTC #SEC #FSOC