September 25, 2022

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The U.S. Treasury Secretary is talking for a long time about crypto for the first time

The U.S. Treasury Secretary is talking for a long time about crypto for the first time

Janet Yellen, Secretary of the Treasury of the United States Spoke About cryptocurrencies at a university today. This is not about a bill, but about the overall view on the matter

The first long crypto speech

This is the first time Yellen has spoken in detail on the subject. Performance location is American University in Washington DC.

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The text is in response to an executive order issued by Biden last month. In it, he advised various government departments to work together. It is derived positively, but is more common in nature.

High level of contraction

Yellen’s speech is the first interpretation of this executive order, but that too will not be immediately convincing. This is the guiding argument at the highest level of abstraction. He will focus on fitting the crypto sector and currency into current regulations.

“In many cases, the regulators have the power to advance these goals and the Treasury supports those efforts. We will make policy recommendations, including evaluating possible regulatory and legislative changes to the extent that gaps exist.

Yellen: “If possible, control should be ‘technically neutral’.”

The question is always what does one refer to by these kinds of words. Cryptocurrencies are a broad term overall. It stands on the basis of Bitcoin principles and starts separately from others. The question is whether that too will play a role.

Crypto and tax revenue

In the case of Stablecoins, Yellen speaks relatively openly. He focuses mainly on responsibilities related to police services and tax revenue.

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“Companies that own consumer assets must ensure that they are not lost, stolen or used without the customer’s consent. Also taxpayers should receive the same income on digital property transactions as they do on stock and bond transactions, so they should report their income to the IRS. (Tax authorities, ed.) To report, “notes were read.

In addition to the practical promise of taxation, the message of the text is that the United States supports innovation above all else. Yellen believes that cryptocurrencies will be a solution to problems such as the speed, costs and ‘inclusion’ of the existing payment system.