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Janet Yellen Sounds Alarm On Crypto Risks In Congressional Testimony, Urges Legislative Action

U.S. Treasury Secretary, Janet Yellen, is gearing up to discuss the potential hazards the cryptocurrency industry could inflict on the financial system with Congress. What Happened: Yellen’s forthcoming testimony to the House Financial Services Committee will underline the risks tied to stablecoins, crypto platform runs, and price volatility, CoinDesk reported on Tuesday. Under Yellen’s leadership, the Financial Stability Oversight Council (FSOC) has been keeping a close watch on these risks. The FSOC, established to avert future financial crises, has identified crypto risks as a primary conce…