US Treasury Secretary Set to Talk Crypto with Bank CEOs

U.S. Treasury Secretary, Janet Yellen, is set to meet with Wall Street banking CEOs Thursday, to discuss the global economy, U.S. inflation and digital assets, according to a CoinDesk report. As far as crypto goes, Yellen plans to go over the need for responsible innovation in the crypto sphere. 

Yellen has been adamant about crypto regulations, especially after the crash of the Terra Network’s stablecoin, UST, which is now known as UST Classic (USTC). On May 9, the cryptocurrency depegged from $1 and dropped to mere pennies in the course of three days. Following the collapse, Yellen called for regulation on stablecoins by the end of the year at a Senate banking hearing. 

Since the collapse of UST and the Terra Network’s other native cryptocurrency LUNA, the crypto market has endured a lot of challenges, including the decline in price from almost all major cryptocurrencies along with possible insolvency problems from multiple crypto companies. 

As a result, the Treasury Secretary believes the time is now to discuss the crypto market and the recent turmoil with Wall Street banking CEOs. 

While dramatic market swings often encourage treasury secretaries to consult some of Wall Street’s most brilliant minds, Yellen has been planning to meet with Wall Street executives for a while. This meeting also comes months after President Biden’s executive order which called for a “whole of government” approach to crypto. 

The scheduled meeting also comes a little over a week after the Department of Justice issued a statement suggesting that the U.S. should share more information about crimes tied to cryptocurrency to better fight it. 

Author: Tyler Irvin

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