• U.S. Treasury Secretary Janet Yellen discussed crypto regulation on the sidelines of the G20 meeting for finance ministers and central bank governors.
• She emphasized the importance of establishing a strong regulatory framework for cryptocurrencies while clarifying that the U.S. has not proposed an outright ban.
• Indian Finance Minister Nirmala Sitharaman has been pushing for international cooperation on crypto regulation, and the SEC has recently stepped up its enforcement efforts against crypto firms.
U.S Treasury Secretary’s View on Crypto Regulation
U.S. Treasury Secretary Janet Yellen talked about crypto regulation in an interview with Reuters Saturday on the sidelines of the G20 meeting for finance ministers and central bank governors under India’s presidency in Bengaluru. Yellen emphasized the importance of establishing a robust regulatory framework for cryptocurrencies while clarifying that the U.S. has not proposed an outright ban: „We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework.“
India’s Push For International Cooperation On Crypto Regulation
Crypto regulation was among the key topics discussed by the G20 finance ministers and central bankers under India’s presidency this weekend, with Indian Finance Minister Nirmala Sitharaman pushing for international cooperation on crypto regulation to establish a technology-driven regulator framework or standard operating procedure (SOP) on crypto.
SEC Steps Up Enforcement Efforts Against Crypto Firms
In the U.S., The Securities and Exchange Commission (SEC) has recently stepped up its enforcement efforts against crypto firms, recently charging Kraken over its staking program, Nexo over its Binance USD (BUSD) stablecoin issuance, Terraform Labs, and CEO Do Kwon for defrauding investors.
IMF Managing Director Calls For More Regulation
International Monetary Fund (IMF) Managing Director Kristalina Georgieva also said during this weekend’s G20 meeting that cryptocurrency needs “more regulation” saying: “If regulation fails, if you’re slow to do it, then we should not take off the table banning those assets, because they may create financial stability risk.“
The discussion between international policy makers at this year’s G20 meeting highlighted how important it is to establish a strong regulatory framework when dealing with cryptocurrencies in order to protect consumers from fraud while still allowing innovation in this space to flourish without creating financial instability risks .