Treasury Secretary Janet Yellen expressed her support for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission to use their enforcement powers to protect consumers and investors in the crypto industry. Yellen stated that the agencies have tools at their disposal under US law to do so.

While she did not comment on the recent lawsuits against Binance and Coinbase, Yellen deemed the SEC's actions as appropriate. She also acknowledged the need for additional legislation to address gaps in the regulation of cryptocurrencies.