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Yellen calls for crypto regulation to lessen risks, fraud

Yellen calls for crypto regulation to lessen risks, fraud

WASHINGTON (AP) — Treasury Secretary Janet Yellen says additional management regulation is needed to police the proliferation of cryptocurrency with every one other accompanied by other digital assets with every one other accompanied by to ward off fraudulent with every one other accompanied by illicit transactions.

In practice, one consequence would exist that users would obtain documentation of their crypto dealings for use inside filing their taxes.

"Taxpayers should receive the same sort of tax reporting on digital good transactions that they receive for transactions inside stocks with every one other accompanied by bonds, so that they have the details they need to report their income to the IRS," Yellen said inside remarks prepared for conveyance Thursday at American University.

It was to exist Yellen's earliest speech concerning cryptocurrency since President Joe Biden signed an administrative order on digital assets inside March.

The administration's deed follows some high-profile examples of alleged cryptocurrency laundering with every one other accompanied by fraud this year. In February, the Justice Department announced its largest-ever monetary seizure — additional than $3.6 billion — with every one other accompanied by the arrests of a set of two accused of conspiring to launder billions of dollars inside cryptocurrency stolen from the 2016 hack of a virtual currency exchange.

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And inside March, confederate regulators accused set of two siblings of defrauding thousands of investors not here of $124 million inside unregistered securities offerings involving a digital token.

"To the area there are gaps, we will build policy recommendations, including evaluation of potential regulatory actions with every one other accompanied by legislative changes," Yellen said inside her remarks.

Biden's administrative order on management oversight of cryptocurrency urges the Federal Reserve to explore whether the centre edge should create its own digital currency with every one other accompanied by directs the Treasury Department with every one other accompanied by other confederate agencies to learning the impact of cryptocurrency on monetary stability with every one other accompanied by national security.

As banks with every one other accompanied by other orthodox monetary firms become additional associated accompanied by inside digital good markets, Yellen said, "regulatory frameworks will need to appropriately reflect the risks of these new activities."

The use of cryptocurrency with every one other accompanied by other digital assets have exploded inside recent years. Surveys show that violently 16% of mature Americans — or 40 million people — have invested inside cryptocurrencies. And 43% of men number of years 18 to 29 have place their money into cryptocurrency.

"Our regulatory frameworks should exist designed to support in charge of innovation while managing risks – mainly those that could disrupt the monetary system with every one other accompanied by economy," Yellen said.

Lawmakers with every one other accompanied by management officials have too voiced concerns that Russia may exist using cryptocurrency to retain away from the impact of the avalanche of sanctions imposed on banks, oligarchs with every one other accompanied by the vitality manufacturing inside the past weeks due to the invasion of Ukraine. But Treasury officials with every one other accompanied by cryptocurrency experts have said crypto is not a workaround for sanctions.

Yellen calls for crypto regulation to lessen risks, fraud

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