She expresses skepticism about the digital asset industry.
The collapse of a cryptocurrency exchange known as FTX has been called a “Lehman moment” by Treasury Secretary Janet Yellen. She was referencing a 2008 bankruptcy of an investment banking firm.
Secretary Yellen voiced her skepticism about cryptocurrency, saying that she feels they are “very risky assets.” While expressing relief that the volatility in the crypto market has not affected mainstream banking, she feels legislators should increase the regulation of the industry.
Secretary Yellen said, “Crypto is big enough that we’ve had substantial harm of investors and particularly people who aren’t very well informed about the risks that they’re undertaking, and that’s a very bad thing.”
“I think everything we’ve lived through over the last couple of weeks, but earlier as well, says this is an industry that really needs to have adequate regulation, and it doesn’t,” the treasury secretary said.
As the Lord Leads, Pray with Us…
- For wisdom for the treasury secretary as she calls for increased digital currency regulation.
- For federal legislators as they consider Secretary Yellen’s point of view.
- For the president and his fiscal advisors as they deliberate the potential for federal digital currency.
Sources: NY Times, Reuters
