US Treasury Secretary Janet Yellen will talk about crypto assets today.
Yellen will be speaking about cryptoassets at American University today. In the speech, which is thought to be the first time Yellen will address the issue in depth, The Block listed some topics about what Yellen could talk about, based on the interviews it had with officials who were knowledgeable about the subject.
It is anticipated that Yellen’s speech will primarily highlight the existing legal mandates:
“In many cases, regulators have powers they can use to support these goals, and the Treasury supports these efforts. To the extent that gaps exist, we will make policy recommendations, including consideration of potential regulatory actions and legislative changes.”
On the other hand, Yellen is not expected to talk about stablecoins. However, it is stated that it can focus on custody and tax reporting:
“Firms holding client assets must ensure that these assets are not lost, stolen, or used without the client’s consent. And taxpayers should get the same type of tax reporting on digital asset transactions they get for stock and bond transactions so they have the information they need to report their income to the IRS.”
Additionally, Yellen is expected to highlight the treasury’s support for innovation with issues such as speed of payout, cost and inclusivity.
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