Crypto meltdown prompts Yellen to call for new regulation

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — Treasury Secretary Janet Yellen, responding to the recent sharp decline in cryptocurrencies, says additional federal regulation is needed to respond to the wave of speculative investment in the currency whose secrecy is an essential part of its appeal. Yellen told a House committee hearing on Thursday that “we really need a regulatory framework to guard against the risks” in regard to cryptocurrencies called stable coins. She cited the rapid rise in use of digital assets. Yellen says a comprehensive framework is needed so that, quote, “there are no gaps in the regulation.”