{"id":428540,"date":"2022-04-07T20:23:41","date_gmt":"2022-04-07T17:23:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/janet-yellen-calls-for-crypto-regulations-to-cut-risks-fraud\/"},"modified":"2022-04-07T20:23:41","modified_gmt":"2022-04-07T17:23:41","slug":"janet-yellen-calls-for-crypto-regulations-to-cut-risks-fraud","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/janet-yellen-calls-for-crypto-regulations-to-cut-risks-fraud\/","title":{"rendered":"#Janet Yellen calls for crypto regulations to cut risks, fraud"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a382eaa8bf5d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a382eaa8bf5d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/janet-yellen-calls-for-crypto-regulations-to-cut-risks-fraud\/#%E2%80%9CJanet_Yellen_calls_for_crypto_regulations_to_cut_risks_fraud%E2%80%9D\" >&#8220;Janet Yellen calls for crypto regulations to cut risks, fraud&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CJanet_Yellen_calls_for_crypto_regulations_to_cut_risks_fraud%E2%80%9D\"><\/span>&#8220;Janet Yellen calls for crypto regulations to cut risks, fraud&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Treasury Secretary Janet Yellen says more government regulation is needed to police\u00a0the proliferation of cryptocurrency\u00a0and other digital assets and to ward off fraudulent and illicit transactions.<\/p>\n<p>In practice, one result would be that users would get documentation of their crypto dealings for use in filing their taxes.<\/p>\n<p>\u201cTaxpayers should receive the same type of tax reporting on digital asset transactions that they receive for transactions in stocks and bonds, so that they have the information they need to report their income to the IRS,\u201d\u00a0Yellen said Thursday at American University.<\/p>\n<p>It was Yellen\u2019s first speech about cryptocurrency since\u00a0President Joe Biden signed an executive order on digital assets in March.<\/p>\n<p>The administration\u2019s action follows several high-profile examples of alleged cryptocurrency laundering and fraud this year. <\/p>\n<p>In February, the Justice Department announced its largest-ever financial seizure \u2014 more than $3.6 billion \u2014 and the\u00a0arrests\u00a0of a couple accused of conspiring to launder billions of dollars in cryptocurrency stolen from the 2016 hack of a virtual currency exchange.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Yellen-92.jpg?w=1024\" alt=\"Janet Yellen\" class=\"wp-image-21816984\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Yellen-92.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Yellen-92.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Yellen-92.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>It was Yellen\u2019s first speech about cryptocurrency since President Joe Biden signed an executive order on digital assets in March.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>And in March, federal regulators accused two siblings of\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/apnews.com\/article\/cryptocurrency-technology-business-media-social-media-d286214e7d1bb1e945b9ccf82dddd929\">defrauding thousands\u00a0<\/a>of investors out of $124 million in unregistered securities offerings involving a digital token.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>\u201cTo the extent there are gaps, we will make policy recommendations, including assessment of potential regulatory actions and legislative changes,\u201d Yellen said.<\/p>\n<p>Biden\u2019s executive order\u00a0on government oversight of cryptocurrency urges the Federal Reserve to explore whether the central bank should create its own digital currency and\u00a0directs the Treasury Department and other federal agencies\u00a0to study the impact of cryptocurrency on financial stability and national security.<\/p>\n<p>As banks and other traditional financial firms become more involved in digital asset markets, Yellen said, \u201cregulatory frameworks will need to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriately reflect the risks of these new activities.\u201d<\/p>\n<p>The use of cryptocurrency and other digital assets have exploded in recent years. Surveys show that roughly 16% of adult Americans \u2014 or 40 million people \u2014 have invested in cryptocurrencies. And 43% of men age 18 to 29 have put their money into cryptocurrency.<\/p>\n<p>\u201cOur regulatory frameworks should be designed to support responsible innovation while managing risks \u2013 especially those that could disrupt the financial system and economy,\u201d Yellen said.<\/p>\n<p>Lawmakers and administration officials have also voiced concerns that Russia may be using cryptocurrency to avoid the impact of the avalanche of sanctions imposed on banks, oligarchs and the energy industry in the past weeks due to the invasion of Ukraine. But Treasury officials and cryptocurrency experts have said crypto is not a workaround for sanctions.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/04\/07\/janet-yellen-calls-for-crypto-regulations-to-cut-risks-fraud\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Janet Yellen calls for crypto regulations to cut risks, fraud&#8221; Treasury Secretary Janet Yellen says more government regulation is needed to police\u00a0the proliferation of cryptocurrency\u00a0and other digital assets and to ward off fraudulent and illicit transactions. In practice, one result would be that users would get documentation of their crypto dealings for use in filing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":428541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Yellen-91.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[81188,127661,76127,73809],"class_list":["post-428540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-janet-yellen","tag-4-7-22","tag-cryptocurrency","tag-treasury-department"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/428540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=428540"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/428540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/428541"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=428540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=428540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=428540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}