"Janet Yellen's Crypto Oversight and Regulatory Challenges"

U.S. Treasury Secretary Janet Yellen is set to address Congress about the potential risks posed by the crypto industry, highlighting concerns such as stablecoins, runs on crypto platforms, and price volatility. Yellen emphasized the need for enforcing regulations and urged Congress to pass legislation for the regulation of stablecoins and the spot market for non-securities crypto-assets. The Financial Stability Oversight Council has been closely monitoring crypto risks, keeping the sector in the spotlight of U.S. government financial concerns.