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Biden and Congress Set to Regulate Cryptocurrencies This Year

Administración Biden y el Congreso se emplazan para regular las criptomonedas este año

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Congress and the Biden Administration called on each other to work together to bring forward legislation to regulate so-called stable cryptocurrencies, whose value is backed by physical assets, before the end of this year.

In a speech before the Senate, the Secretary of the Treasury, Janet Yellen, assured that the country needs a “consistent” federal framework for this type of currency, created to reduce the enormous volatility of traditional cryptocurrencies such as bitcoin or ether.

According to Yellen, stable cryptocurrencies are growing very fast and present risks to the stability of the financial system.

The secretary referred to this issue during her annual testimony before the committee that oversees financial stability, in which she also spoke about the possibility of the Supreme Court overturning the Roe v. Wade abortion ruling in the coming months.

According to Yellen, such a decision would leave women disempowered and more financially vulnerable, which in turn would reduce their presence in the labor market.

This argument drew the ire of Republican Senator Tim Scott, who called it surprising and cruel for the Treasury Secretary to frame an issue like abortion in terms of labor force participation.

Yellen responded by giving as an example the impact on women of color and with few resources, who she assured will be the most affected if abortion rights are revoked, and Scott -who is African-American- reproached her that, as the son of a poor black woman himself, he “thank God” his mother decided not to end his life.

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