{"id":230588,"date":"2022-04-07T16:00:09","date_gmt":"2022-04-07T15:00:09","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=230588"},"modified":"2022-04-07T22:07:11","modified_gmt":"2022-04-07T21:07:11","slug":"us-crypto-regulations-should-be-tech-neutral-says-janet-yellen","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/us-crypto-regulations-should-be-tech-neutral-says-janet-yellen\/","title":{"rendered":"U.S. crypto regulations should be &#8216;tech neutral,&#8217; says Janet Yellen"},"content":{"rendered":"<p>The U.S. Treasury secretary Janet Yellen highlighted the need for new cryptocurrency-focused regulatory frameworks \u201cdesigned to support responsible innovation while managing risks\u201d in her remarks during an April 7 speech at American University.<\/p>\n<p>According to a report published by <a href=\"https:\/\/apnews.com\/260dda0d6423e3f9dee06a2621c8f323\"><i>Associated Press<\/i><\/a>, this was Yellen\u2019s first crypto-related speech since President <a href=\"https:\/\/cryptoslate.com\/crypto-markets-lose-100-billion-as-biden-signs-executive-order-on-digital-assets\/\">Joe Biden signed an executive order<\/a> on digital assets on March 10.<\/p>\n<blockquote><p>\u201cOur regulatory frameworks should be designed to support responsible innovation while managing risks \u2014 especially those that could disrupt the financial system and economy,\u201d<\/p><\/blockquote>\n<p>Yellen noted, adding:<\/p>\n<blockquote><p>\u201cAs banks and other traditional financial firms become more involved in digital asset markets, regulatory frameworks will need to appropriately reflect the risks of these new activities\u2026To the extent there are gaps, we will make policy recommendations, including assessment of potential regulatory actions and legislative changes.\u201d<\/p><\/blockquote>\n<h2>Equal protection regardless of medium<\/h2>\n<p>As <i>CryptoSlate<\/i> reported, Biden\u2019s \u201cExecutive Order on Ensuring Responsible Development of Digital Assets\u201d has delineated several key directions for crypto regulation, including customer protection, systemic financial and security risk mitigation, equitable access to financial services, support for technological advancements, and others.<\/p>\n<p>In her speech, Yellen similarly echoed a lot of those points. Notably, she also opined that potential crypto regulations should be \u201ctech neutral\u201d \u2014 meaning that consumers of various financial products must be protected equally, regardless of whether their assets are physical or digital.<\/p>\n<blockquote><p>\u201cConsumers, investors, and businesses should be protected from fraud and misleading statements regardless of whether assets are stored on a balance sheet or distributed ledger. Similarly, firms that hold customer assets should be required to ensure those assets are not lost, stolen, or used without the customer\u2019s permission.\u201d<\/p><\/blockquote>\n<p>Despite the mostly positive and constructive tone of her speech, however, Yellen has recently also stated that she <a href=\"https:\/\/cryptoslate.com\/us-treasury-secretary-janet-yellen-says-upcoming-crypto-regulations-will-nourish-healthy-innovation\/\">has some concerns<\/a> when it comes to the mass adoption of crypto. On March 25, during <i>CNBC\u2019s Squawk Box<\/i> with Andrew Sorkin, she pointed out that apart from various benefits, cryptocurrencies can also be used for illicit activity:<\/p>\n<blockquote><p>\u201cI think there are valid concerns around it. Some have to do with financial stability, consumer and investor protection, use for illicit transactions, and other things. On the other hand, there are also benefits from crypto.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Treasury secretary Janet Yellen highlighted the need for new cryptocurrency-focused regulatory frameworks \u201cdesigned to support responsible innovation while managing risks\u201d in her remarks during an April 7 speech at American University. According to a report published by Associated Press, this was Yellen\u2019s first crypto-related speech since President Joe Biden signed an executive order [&hellip;]<\/p>\n","protected":false},"author":472,"featured_media":230628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,36,11],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. crypto regulations should be &#039;tech neutral,&#039; says Janet Yellen<\/title>\n<meta name=\"description\" content=\"The U.S. Treasury secretary urged tech neutrality in the country&#039;s approach to crypto regulation but said consumers should be protected.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/us-crypto-regulations-should-be-tech-neutral-says-janet-yellen\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. crypto regulations should be &#039;tech neutral,&#039; says Janet Yellen\" \/>\n<meta property=\"og:description\" content=\"The U.S. Treasury secretary urged tech neutrality in the country&#039;s approach to crypto regulation but said consumers should be protected.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/us-crypto-regulations-should-be-tech-neutral-says-janet-yellen\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-07T15:00:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-07T21:07:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/image_2022-04-07_193619585.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Liam Frost\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Liam Frost\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/us-crypto-regulations-should-be-tech-neutral-says-janet-yellen\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/us-crypto-regulations-should-be-tech-neutral-says-janet-yellen\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#person\",\"name\":\"Liam Frost\",\"url\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"caption\":\"Liam Frost\"},\"jobTitle\":\"Reporter\",\"description\":\"Liam Frost is a freelance journalist and editor with over 15 years of experience working for various media outlets across the world. 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