The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System
Time: Wednesday, April 6, 10am ET
House Financial Services Committee Memorandum here:
“The International Financial Institutions Act (22 U.S.C. §262r-4) requires the Secretary of Treasury to present testimony annually before the House Financial Services Committee on the state of the international financial system and U.S. priorities with respect to U.S. participation in the international financial institutions. The Secretary of the Treasury will also discuss other issues related to U.S. global economic cooperation and major international developments affecting the U.S., including Treasury’s role in implementing and enforcing sanctions against Russia.”
Live blog on excerpted blockchain-related topics discussed:
- Congresswoman Nydia Gonzalez (D., NY) asked Secretary Yellen about possible evasion of sanctions by Russia using cryptocurrency. Yellen responded that Treasury is monitoring and tracking using all the tools at their disposal as well as keeping in touch with international partners including law enforcement using a system she described as “Crypto Capture.”
- Congressman Bill Foster (D., IL) expressed his interest how can users protect their anonymity in the use of digital asses. He was curious about a digital identity privacy-centric program for cryptocurrency. Yellen responding to the international digital identity framework that is being worked on, she expressed Treasury’s interest in this especially as it relates to their role in monitoring the financial system. She said, “We’re fleshing out ideas to advance this agenda.” Congressman Foster asked about any more Sec. Yellen could share on Treasury’s role with President Biden’s order on digital assets. She looked forward to offering more on the pros and cons of digital currency.