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At the International Monetary Fund (IMF) annual meeting, US Treasury Secretary Janet Yellen stressed there is a need to regulate digital assets.
Yellen used the crush of Terra, a USD-backed stablecoin and the “breaking the buck” of Tether, another stablecoin, to support her argument that the digital assets market should be regulated.
Related: Central Bank Digital Currencies make authoritarianism, censorship, and surveillance easy
Yellen said that there are existing regulations that can be applied to digital assets, but there are “holes” that should be addressed, and that she was working with Congress to address those holes, even though digital finance is “a tough thing to regulate.”
Yellen also commented about central bank digital currencies, saying that they have benefits and could solve many problems. Although it would take many years, Yellen said a CBDC is “certainly worth getting involved in developing.”
“We can continue to think about whether it’s right to implement,” Yellen said, adding that the US should be “in a position where we could issue one.”
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