Yellen set to make first major speech on crypto -- here's what to watch
Thursday at 10 a.m. Eastern time, and she is set to argue that financial regulators should take seriously the risks posed to consumers and the broader economy by digital assets.
“Consumers, investors and businesses should be protected from fraud and misleading statements regardless of whether assets are stored on a balance sheet or a distributed ledger,” Yellen will say, according to the prepared remarks. “And taxpayers should receive the same type of tax reporting on digital asset transactions that they receive for transactions in stocks and bonds, so that they have the information they need to report their income to the IRS.
Stablecoins like tether USDTUSD, and USD Coin USDCUSD, are digital assets that peg their value to the U.S. dollar DXY, +0.05% and are used by crypto investors to trade in and out of various digital assets such as bitcoin BTCUSD, -0.54% or ether ETHUSD, +0.11% and as a stable store of value for uninvested cryptocurrency.
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