US Treasury's Yellen To Urge Congress For Legislation On Stablecoins, Crypto Spot Markets

U.S. Treasury Secretary Janet Yellen (Credit: AFP)

KEY POINTS

• Yellen will call for legislation to regulate the 'spot market for crypto-assets that are not securities'
• The US Treasury secretary previously called for a 'more effective oversight' of crypto markets after FTX's collapse
• CFTC chair just last week raised concerns about the SEC approval of 11 spot Bitcoin ETFs

U.S. Treasury Secretary Janet Yellen on Tuesday is set to warn Congress about the potential risks from cryptocurrencies and stablecoins and urge the U.S. Congress to pass legislation that will establish the regulatory framework for crypto, including rules for stablecoins and spot market for crypto assets.