- There has been a sort of skepticism pointed out by Janet Yellen of the treasury department
- Yellen has also put forward her concern about the risks that are included in the crypto markets
President Biden’s youngest administration set-up to deliver a somewhat unprecedented kind of scrutiny to regulate the rapidly growing Fintech industry. Some regulation is strictly required to bring out some check on the malfunctioning and criminal activities in the fintech industries. Some critical regulatory steps have been taken to regulate and manage the industry’s work in the past years. The previously included administrations did not enforce much of the mechanism based on the old protocols and were not very strict, due to which the industry has thrived to this level.
Need for the regulations to be set up
The particular regulation that has been set-up also involves the guidelines regarding the interaction between the crypto transactions and the fintech industry in their banking networks and other marketing bases. In today’s time, we can see the entry of cryptocurrency into the whole sector of finance. The president’s regulations focus on fintech, keeping everything else aside. A skepticism was publicly expressed by Janet Yellen, between Treasury Secretary and the president, along with other rules of finances. The fintech industries that accept the regulations would receive certain facilities that would comply with the president’s regulatory measures.
Yellen’s point to explain the regulation
The most responsible agency to look after all the federal financial points and then other national level banking works along with the finances about all sorts of trades. In case of levying and enforcing the said laws, the Department of Treasury has a vital say as far as the crypto and the Fintech Industries is concerned. Yellen has mentioned the threats regarding the digital currency uses, a hazardous trade. Terrorists have very frequently targeted crypto finances. A paramount concern is to create a regulation to check the rate of money laundering that has been happening so far on an enormous scale. A critical point to be noted is that the cryptocurrency unit should comply with the anti-money-laundering programs that are being come up and have existed in the entire industry so far and have been eating up the image of the firm.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.