Janet Yellen Calls for Strong Crypto Regulation at G20 Meeting

During the G20 meeting for finance ministers and central bank governors, U.S. Treasury Secretary Janet Yellen emphasized the need for a robust regulatory framework for cryptocurrencies.

Yellen clarified that the U.S. has not proposed an outright ban on crypto activities but stressed the importance of strong regulation. She also mentioned that the U.S. is working with other governments on this issue.

The topic of crypto regulation was among the key discussions at the G20 meeting, and India has been pushing for international cooperation on this front.

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have been asked to develop a joint paper on crypto to help formulate a coordinated and comprehensive policy approach.

The Securities and Exchange Commission (SEC) in the U.S. has recently increased its enforcement efforts against crypto firms, charging several companies for various violations.

Meanwhile, IMF Managing Director Kristalina Georgieva also called for more regulation of crypto assets, warning that outright bans may be considered if regulation fails or is too slow.

The IMF executive board also provided guidance to help countries develop effective crypto policies, advising against granting official currency or legal tender status to crypto assets.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.