The US Treasury Secretary does not believe that the crypto industry is a threat to the financial market

Treasury Secretary Janet Yellen believes that the digital asset industry has not yet reached such proportions as to become a threat to the global financial market. At the same time, she considers it necessary to accelerate the creation of a mechanism for regulating stablecoins.

According to Yellen, the market capitalization of the crypto market is already at about $2 trillion. Therefore, it is time to oblige stablecoin issuers to comply with similar capital and liquidity requirements that exist today in relation to banking institutions.

SEC Commissioner Hester Pierce, who has been called the “crypto mom”, believes that the regulatory “movement” around stablecoins needs to take into account “trial and error” and leave “room for failure.” She is also confident that the regulator has leverage over cryptocurrencies and platforms on which digital assets are traded.

Pierce said she had urged the SEC to exercise its authority to grant exemptions for certain technologies that will form the basis for important future experiments.

Meanwhile, crypto enthusiast and author of the famous book “Rich Dad Poor Dad” Robert Kiyosaki once again expressed distrust of the American authorities. He said that he intends to buy more BTC when the asset “tests the bottom” at $17,000.

There is currently a “bearish trend” in the digital currency market, but Kiyosaki considers the fall of bitcoin to be great news. In his opinion, the crisis is a favorable period in order to get rich. The writer is sure that the main crypto coin will benefit, despite the recent drop in value.

“I trust bitcoin, not three US puppets,” Kiyosaki wrote, referring to US President Joe Biden, Treasury Secretary Janet Yellen and Fed Chair Jerome Powell.

The entrepreneur is sure that the policy of the American authorities is one of the reasons for the rise in inflation and the fall in the value of the national currency.

It is interesting how the situation related to the regulation of the cryptocurrency market will develop further.