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<p>U.S. Treasury Secretary Janet Yellen is poised to address Congress on the potential risks posed by the crypto industry to the financial system on Feb. 6.&nbsp;</p>
<p>Yellen's prepared <a href="https://docs.house.gov/meetings/BA/BA00/20240206/116798/HHRG-118-BA00-Wstate-YellenJ-20240206.pdf" rel="noopener noreferrer nofollow">remarks</a>, which have been shared ahead of her appearance, outline a broad range of financial system risks, with a particular focus on the challenges and uncertainties presented by digital assets, including stablecoins and the volatility of crypto-asset prices.</p>
<h2 id="digital-assets-in-the-spotlight">Digital assets in the spotlight</h2>
<p>A significant portion of Yellen's testimony is dedicated to the challenges posed by the burgeoning digital asset sector.&nbsp;</p>
<p>She identifies specific risks including potential runs on crypto-asset platforms, vulnerabilities due to crypto-asset price volatility, and the regulatory challenges presented by platforms operating outside established legal frameworks.</p>
<p>Yellen's remarks underscore the urgent need for comprehensive regulatory oversight of digital assets, including the enactment of legislation aimed at regulating stablecoins and the spot market for non-security crypto-assets.&nbsp;</p>
<h2 id="economic-recovery-and-financial-stability">Economic recovery and financial stability</h2>
<p>Yellen's testimony is expected to paint a picture of a <a href="https://u.today/bitcoin-btc-price-steady-as-fed-keeps-rates-unchanged" rel="noopener noreferrer nofollow">resilient U.S. economy</a>, bolstered by historic recovery efforts over the past three years.&nbsp;</p>
<p>With GDP growth robust and inflation on a downward trajectory, the Treasury Secretary will highlight achievements such as a healthy labor market, increased real wages, and a significant rise in household median wealth.&nbsp;</p>
<p>These successes, she argues, are underpinned by a strong and resilient financial system.&nbsp;</p>

Yellen to Address Congress on Crypto Risks

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