Yellen says crypto poses no systemic risk to financial system
During an appearance before the House Committee on Financial Services, Treasury Secretary Janet Yellen shared her concerns about stablecoins with Congress, but said crypto poses no “systemic risk” to the U.S. financial system.
Yellen noted that financial regulators are studying the viability of a central bank digital currency, but noted that such a currency could pose a privacy risk if it allowed the government to monitor people’s spending.