Yellen doubts crypto’s place in 401(k), says Congress could regulate
A head of the Treasury would not recommend investing the retirement money into digital assets “to most people.” The Secretary of the United States Treasury, Janet Yellen, weighed in on including cryptocurrencies in retirement plans, calling them a very risky investment that should be regulated by Congress. During an event organized by the New York Times in Washington on June 9, Yellen shared her opinion on the pioneer attempt to include crypto in retirement plans undertaken by Fidelity Investments:“It’s not something that I would recommend to most people who are saving for their....
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Federal Reserve Board chair Janet Yellen told Congress last week that the Fed has no authority to regulate Bitcoin. “Bitcoin is a payment innovation that’s taking place outside the banking industry,” Yellen said in response to Senator Joe Manchin’s questions about the cryptocurrency. “To the best of my knowledge there’s no intersection at all, in any way, between Bitcoin and banks that the Federal Reserve has the ability to supervise and regulate. So the Fed doesn’t have authority to supervise or regulate Bitcoin in anyway.” The day before, Manchin had written to various governmental....
Janet Yellen Source: United States Federal Reservce. In response to a letter sent yesterday from West Virginia Senator Joe Manchin [D] (which warned that Bitcoin could be used by criminals and could also disrupt the U. S. economy), Chair of the Board of Governors of the Federal Reserve System Janet Yellen has responded: and the long and short of it is that the Federal Reserve can't really do anything about it. "Bitcoin is a payment innovation that's taking place outside the banking industry. To the best of my knowledge there's no intersection at all, in any way, between Bitcoin and banks....
One of the recipients of Senator Manchin's Bitcoin Ban letter (which Kyle Torpey of CCN dissects for misinformation here) has publicly responded. That recipient was none other than Chairwoman of the Federal Reserve Board of Governors: Janet Yellen, but most people just call her Chair of the fed. This morning, the Senate Committee on Banking, Housing, and Urban Affairs met to conduct a hearing on the Semiannual Monetary Policy Report to Congress. The hearing was live streamed to a worldwide audience. During a question and answer session, Senator Manchin broached the topic of Bitcoin with....
After months of silence on the matter, Federal Reserve chairwoman Janet Yellen has stated that the US central bank does not have the authority to regulate bitcoin. Yellen was appointed as chair of the Federal Reserve last October after she was nominated to replace Ben Bernanke. During an address to the Senate Banking Committee on 27th February, the top US banking official, said: "The Fed doesn't have authority to supervise or regulate bitcoin in any way." In her response, Yellen commented broadly on a score of issues including the impact of recent weather on US economic output, ongoing....
U.S. Treasury Secretary Janet Yellen warns crypto is a “very risky investment,” adding that she would not recommend it to most people who are saving for retirement. However, Yellen noted that Congress could restrict the type of investments allowed in retirement accounts, including 401(k) plans. Janet Yellen on Investing in Cryptocurrencies....