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U.S. Treasury Secretary Yellen: Congress should legislate to regulate the spot market of stablecoins and non-security crypto assets

Janet Yellen, the US Secretary of the Treasury, explained the latest work of the Financial Stability Oversight Committee (FSOC) to the US House Financial Services Committee, warning of the risks of cryptocurrency and stating that she will continue to cooperate with Congress on cryptocurrency legislation. She emphasized the need to comply with applicable rules and regulations and called on Congress to regulate the spot market for stablecoins and non-security cryptocurrencies through legislation.

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