Janet Yellen, US Secretary for Treasury spoke today about crypto regulation while she was addressing the Annual Summit of the Wall Street. Says that the US lacks any framework for the time being for issuing any crypto-related regulations though the Government is aware it has associated risks.
Bitcoin is an unruly horse and it has proved this fact repeatedly. It is currently riding the biggest and over-stretched crypto rally by fetching further and further gains in its base value. Bitcoin is being massively adopted and one of the largest investment-seeking assets for the time being. Over a period of 14 months, Bitcoin was able to acquire gains more than 900 times and continues to grow significantly.
However, there are certain factors, which are mostly unknown, which keep elevating Bitcoin higher and higher. For instance, if there is a massive investment brought into the asset, an instant value surge is inevitable. Similarly, if individuals and institutions are massively adopting Bitcoin, then again there is a value surge. In addition, if it is being appreciated even then there is an apparent upward change in the value of the coin. It is usual for Bitcoin deriving gains from odd situations.
For instance, in the past two months, crypto regulation is one of the hottest topics of debate. However, because of this debate, it was assumed that Bitcoin is unable to fetch further gains, which it was supposed to. Most importantly whether it is a question of global economy or crypto economy, what decisions are made in the US, have their impacts upon both.
Biden Administration was seen lately discussing the possibility of crypto regulation. One of the most prominent figures for the crypto regulation debate was the country’s Treasury Secretary, Janet Yellen. She believed that crypto is capable of allowing money laundering and therefore it has to be regulated. However, in a recent Annual Summit hosted by the Wall Street, Treasury Secretary stated that they are not ready for any crypto-related regulation. In fact, Yellen suggested that the Government lacks the required framework for preparing and issuing any crypto regulation.
She was of the view that currently, the State’s utmost priority is to assist the national economy, which is going down gradually. She said that because of the pandemic, the US was forced to suspend major development projects. However, they needed to be restored before any other thing, suggested Yellen.
This is great news for the global crypto industry as well as for the crypto economy. Crypto experts were of the view that Bitcoin was not moving in the right direction because of the fear of regulation. However, now the fear has been ended for the time being and they are expecting an instant surge in Bitcoin’s value.