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Treasury Secretary Janet Yellen Issues Crypto Warning

U.S. Treasury Secretary Janet Yellen has issued a new warning about the risks of cryptocurrencies, telling Congress that the industry presents several potential hazards to the global financial system.

In speaking to lawmakers on Capitol Hill, Yellen warned of the dangers posed by stablecoins, big movements on cryptocurrency platforms, and volatile prices.

Yellen was speaking to the House Financial Services Committee and said: “Congress should pass legislation to provide for the regulation of stablecoins and of the spot market for crypto-assets that are not securities.”

Yellen stressed that digital assets have the potential to cause a future financial crisis.

Her remarks highlight the continued worries that lawmakers in Washington, D.C. have regarding the cryptocurrency sector.

The appearance of the Treasury Secretary before Congress comes as the price of Bitcoin (BTC) trades at $42,800 U.S., up 88% over the last 12 months.