The US Treasury Secretary warns of digital currencies and the crypto market is under pressure

US Treasury Secretary Janet Yellen is set to tell the US Congress in the next few hours that the cryptocurrency industry poses several potential risks to the financial system, including stablecoin risks, according to a brief portion of her testimony published on Monday.

Yellen will appear before the House Financial Services Committee on Tuesday to explain the latest work of the Financial Stability Oversight Council (FSOC), a group of heads of US financial agencies that the secretary leads. The Council, which aims to avert the next financial crisis before it occurs, has paid particular attention to the risks of cryptocurrencies in recent years, placing them among the most important categories of potential concern.