According to a report by CoinDesk, a brief testimony released on Monday (5th) shows that US Treasury Secretary Janet Yellen will explain to Congress several potential hazards that the cryptocurrency industry poses to the financial system, including the risks of stablecoins, crypto exchange runs, and price volatility.
Yellen is scheduled to attend a hearing of the House Financial Services Committee on Tuesday to explain the latest work of the Financial Stability Oversight Council (FSOC). In recent years, the council has paid special attention to cryptocurrency risks and has listed them as one of the primary areas of potential concern.
In her prepared testimony, Yellen stated:
Yellen stated that she will continue to work with Congress on cryptocurrency legislation, saying, “Applicable rules and regulations should be enforced, and Congress should legislate to propose regulation of stablecoins and non-securities crypto assets in the spot markets.”
While her brief statement did not disclose any new concerns or proposals, the fact that she included digital assets in one of her key issues implies that the cryptocurrency field remains a focus of financial concern for the US government.