WASHINGTON, April 7 — US Treasury Secretary Janet Yellen will today call for increased oversight of cryptocurrencies, after President Joe Biden last month green-lit work on creating a digital American dollar.
“As banks and other traditional financial firms become more involved in digital asset markets, regulatory frameworks will need to appropriately reflect the risks of these new activities,” Yellen will say, according to speech excerpts released by Treasury. Washington has also looked to expand taxation of cryptocurrencies, with the US$1 trillion national infrastructure overhaul Congress passed last year including provisions to expand reporting requirements for digital assets.On Tuesday, Germany shut down Russian-language illegal darknet marketplace Hydra, the largest such network in the world, and seized bitcoins worth US$25 million.
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