Treasury Secretary Janet Yellen signaled broad support for US financial regulators during an interview with CNBC’s Squawk Box. The comments follow hot on the heels of this week’s SEC lawsuits against Binance and Coinbase, the two largest crypto exchanges.
In an interview with CNBC’s Squawk Box on Wednesday, Treasury Secretary Janet Yellen conveyed her backing of Gary Gensler’s aggressive strategy at the Securities and Exchange Commission (SEC). She also voiced her approval of the Commodities Futures Trading Commission (CFTC).
Yellen Is “Very Supportive”
Speaking to Andrew Ross Sorkin, the show’s co-anchor, Yellen said she was “very supportive” of regulatory agencies. And agreed with their use of the tools that they have to push a tough agenda.
Her comment has added weight given that the SEC just announced two major lawsuits against Binance and Coinbase. They are, respectively, the largest and second-largest crypto exchanges on the planet.
Yellen described her department’s long and detailed study of crypto’s potential destabilizing role. On this subject, she was blunt:
“The Treasury recently wrote a set of reports in response to the president’s executive order to examine the risks inherent in crypto, and we identified a number of risks. Some of which—the risk to consumers and investors—our laws are already strong. The SEC [and] the CFTC, and other regulators have the ability and the tools to protect consumers and investors… It is certainly appropriate that that do that.”
Learn more about how the SEC defines a security:
What Is the Howey Test and How Does It Impact Crypto?
The Treasury Secretary appeared on Squawk Box only a day af
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Author: Josh Adams
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