(lightly edited for clarity) REP. HILL (R, AR): The FSOC (The Financial Stability Oversight Council) report recommended that Congress passed legislation to provide regulators authority over stock markets for digital assets as well as legislation we could regulators more authority to have visibility into or supervise digital asset companies. We’re working on that here in Congress. Are those recommendations from late summer’s FSOC report (see the report) still the recommendations of FSOC… still the view of FSOC? Continue reading “Secretary Yellen Discusses Digital Assets At House Financial Services Hearing”
It’s not every 350-person trade conference that could attract a Cabinet member and the chairs of two U.S. regulatory agencies. But, that’s the importance of the annual meeting of the Securities Industry and Financial Markets Association (SIFMA) to the Biden Administration and keepers of the financial system at-large. And crypto took a “bow” repeatedly during the day-long agenda.
SIFMA defines itself as representation for broker-dealers, investment banks and asset managers and was formed in the early 2000s from the merger of the Bond Market Association and the Securities Industry Association according to Wikipedia. The day’s content showed that crypto is a subset of key concerns for the industry which include public policy & financial regulation, “modernization of finance” and retail investors.
As stated during the meeting by SIFMA President and CEO Kenneth Bentsen, consumer protections are at the top of the list – at least publicly – in terms of his organization’s views on crypto’s entry into the global financial system.
Janet Yellen – prepared remarks
The first U.S. government representative to take the stage was U.S. Treasury Secretary Janet Yellen.
Her prepared remarks are here. The highlights include:
On the U.S. economy – Sec. Yellen began by reassuring the audience that there is “significant strength” in the U.S. economy amid the global tempest of war and inflation to name a few. But, “inflation remains too high, and we are contending with serious global headwinds.”
On crypto – She touted recent reports from Treasury in response to the Biden Executive Order on digital assets saying, “Our goal is to realize the potential benefits of digital assets while mitigating and minimizing their risks.” She stressed the need for “adequate regulation.”
As an extension of President Joseph Biden’s Executive Order on Digital Assets, U.S. Secretary of the Treasury Janet Yellen provides remarks on digital assets policy at American University, Kogod School of Business Center for Innovation, on April 7, 2022.
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.”