Yellen Calls for Crypto Regulation to Reduce Risks, Fraud

Treasury Secretary Janet Yellen says more government regulation is needed to police the proliferation of cryptocurrency and other digital assets and to ward off fraudulent and illicit transactions.

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FILE -Treasury Secretary Janet Yellen listens during a House Committee on Financial Services hearing, Wednesday, April 6, 2022, on Capitol Hill in Washington. Treasury Secretary Janet Yellen says more government regulation is needed to police the proliferation of cryptocurrency and other digital assets and to ward off fraudulent and illicit transactions. (AP Photo/Evan Vucci, File)
Image via AP Photo/Evan Vucci

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

WASHINGTON (AP) — Treasury Secretary Janet Yellen says more government regulation is needed to police the proliferation of cryptocurrency and other digital assets and to ward off fraudulent and illicit transactions. In practice, one result would be that users would get documentation of their crypto dealings for use in filing their taxes. “Taxpayers should receive the same type of tax reporting on digital asset transactions that they receive for transactions in stocks and bonds, so…

Read at AP News