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Home»Regulation»Janet Yellen continues to call for legislation to strengthen crypto and AI regulation
Janet Yellen continues to call for legislation to beef up crypto, AI regulation
Regulation

Janet Yellen continues to call for legislation to strengthen crypto and AI regulation

2024-02-09No Comments3 Mins Read
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Treasury Secretary Janet Yellen called on Congress to enact stricter regulatory measures for cryptocurrencies and remain vigilant in the deployment of artificial intelligence (AI) in financial services during her latest testimony before the Senate Committee on Banking, Housing and Urban Affairs on February 8 .

The testimony, part of the Financial Stability Oversight Council’s (FSOC) annual report, highlighted the increasing complexity and potential risks within the digital assets sector and the financial sector’s growing dependence on AI technologies. Her statements reflected the sentiments of her congressional hearing a few days earlier and her overall stance toward the industry.

Yellen’s testimony also raised broader issues, including the impact of climate change on financial stability, particularly the insurance sector, and the strategic challenges posed by U.S. technology investments that could potentially benefit foreign military advances.

Gaps in regulations

Established after the 2008 financial crisis to identify and mitigate systemic risks, the FSOC is now spotlighting the rapid evolution and challenges of digital currencies and the digitalization of financial markets.

Yellen’s comments highlighted a specific concern about stablecoins, digital currencies pegged to traditional assets such as the dollar, citing their vulnerability to sudden withdrawals that could cause financial instability. She emphasized the need for transparent regulatory frameworks to oversee these and other digital assets and protect them from market manipulation and fraud.

Yellen also emphasized the dual challenge of ensuring financial stability and combating illicit financing through digital platforms. Her testimony referred to the use of digital currencies by terrorist organizations to channel funds and emphasized the need for updated regulatory tools to effectively combat these threats.

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Yellen proposed expanding the Treasury Department’s capabilities through legislative support, with the aim of closing regulatory gaps created in the digital age.

AI in financial services

The dialogue with members of the Senate also covered the field of AI and its implications for the financial sector.

In response to questions from committee members, Yellen acknowledged AI’s potential to introduce systemic vulnerabilities and advocated for a proactive approach to understanding and mitigating these risks.

She emphasized the importance of financial institutions and regulators increasing their knowledge and monitoring systems to stay ahead of potential AI-induced market disruptions.

The Finance Minister’s call for action reflects a growing consensus on the need for comprehensive legislative frameworks to address the multifaceted risks posed by the digital economy and the integration of advanced technologies into the financial world.

As digital assets continue to integrate into mainstream financial systems and AI technologies evolve, Yellen’s testimony highlights the critical importance of evolving regulatory measures to ensure financial stability and national security in an increasingly interconnected world.

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