Additional Crypto Regulation Appropriate - Janet Yellen.

U.S. Treasury Secretary Janet Yellen believes that crypto needs additional regulation for the industry to move forward. Her comments on crypto regulation came at the heels of the SEC's lawsuit against Binance and Coinbase in an interview with CNBC.

She said that they have been working hard, following up with the president's executive order to look into the inherent risks in crypto and they have identified a number of risks. Even though she believes that the SEC and the CFTC and other regulators have the tools and ability needed to protect consumers, she believes additional regulation is needed.

"I see some holes in the system and I think it will be appropriate and we will like to work with Congress to see additional legislation passed."