© Reuters. Federal Reserve Chair Janet Yellen addresses the Institute for New Economic Thinking on Finance and Society Conference at the IMF in Washington May 6, 2015. REUTERS/Kevin Lamarque/File Photo
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen told lawmakers on Tuesday that Congress should provide federal authority to regulate stablecoin issuers and wallet providers to close protection gaps. consumer and financial stability.
Yellen said during a hearing of the US House Financial Services Committee that the Financial Stability Oversight Council and the President's Task Force on Financial Markets have identified stablecoins and the spot market to cryptoassets that are not securities as areas that need formal regulatory authority.
