Cryptocurrencies are seen as a threat to the United States financial sector. Treasury Secretary Janet Yellen is set to address the Financial Stability Oversight Council on Tuesday on the crisis that comes along with stablecoins and cryptocurrencies at large in the financial market.
Janet will be standing before the House Financial Service Committee to discuss the latest annual report. However, cryptocurrency and stablecoins are among the top concerns in the financial market. According to the statement released on Monday, she is arguing that Congress should pass regulations on digital assets.
“The Council is focused on digital assets and related risks such as runs on crypto-asset platforms and stablecoins, potential vulnerabilities from crypto-asset price volatility, and the proliferation of platforms acting outside of or out of compliance with applicable laws and regulations,” she said in a statement that will be delivered on Tuesday.
However, Yellen said to work with the legislation to enforce rules and regulations on the cryptocurrencies and stablecoins, “applicable rules and regulations should be enforced, and Congress should pass legislation to provide for the regulation of stablecoins and of the spot market for crypto-assets that are not securities. We look forward to continuing to engage with Congress on this.”
Digital Asset Stands Firm Despite FED’s News
Jerome Powell’s news concerning the rate cut in March did not affect the crypto market much, despite the FED maintaining interest between 5.25% and 5.5%. The market increased by 0.6%, edging the crypto market to $1.72 trillion at the time of writing.
Bitcoin was trading on a ranging market between the resistance of $43,500 and the support of $42,500 at the time of writing. However, the BTC market has witnessed a price decline; the market has decreased by -0.16% over the last 24 hours. At the time of writing, BTC’s price was $42,774.
On the other hand, Solana outmatched both Avalanche and Ethereum after a decent increase in the inflow of $13 million. However, Avalanche and ETH saw an outflow of $1.3 million and $1.6 million, respectively.