Janet Yellen wants Congress to pass additional crypto regulation

Quick Take

  • U.S. Treasury Secretary Janet Yellen has reiterated her stance that crypto needs further regulation.
  • “I see some holes in the system where additional regulation would be appropriate,” the former Fed chair said.

United States Treasury Secretary and former Federal Reserve Chair Janet Yellen has reiterated that crypto needs more regulation.

Speaking to CNBC's Squawk Box on Wednesday morning, Yellen claimed that they have "identified a number of risks" relating to crypto, and would "like to work with Congress to see additional regulation pass."

"I see some holes in the system where additional regulation would be appropriate," Yellen said.

She added that she was very supportive of regulatory agencies using the tools they already have to protect investors.

Yellen's comments do not come as a surprise. Following the high-profile collapse of crypto exchange FTX, the U.S. Treasury Secretary claimed that regulators should "rigorously" enforce existing rules and Congress should "move quickly" to fill regulatory gaps.

The comments follow this week's news that the U.S. Securities and Exchange Commission filed lawsuits against both Binance and Coinbase for allegedly violating the country's securities laws.

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