US Treasury Secretary Janet Yellen has softened her stance towards cryptocurrencies, emphasising the importance of regulating digital assets. Yellen said that regulation should be technology neutral, but added that it should protect users from fraud and misleading statements. The comments came as cryptocurrency firm Celsius announced it would stop paying investors in crypto unless they were accredited US investors. Meanwhile, the timeline for the merge to Ethereum 2.0 has been pushed back to Q3 of 2021, according to Ethereum developer Tim Beiko. Despite this delay, the long-term impact on Ethereum is expected to be positive.
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Treasury Secretary Janet Yellen Paves the Way for Crypto Regulation
Janet Yellen, the Treasury Secretary, acknowledges the benefits of decentralization in the blockchain industry. She emphasizes that regulatory frameworks should be designed to support responsible innovation and manage risks. Yellen also highlights that new types of intermediaries should be subject to appropriate forms of oversight.
The Celsius Thermometer Drops
Celsius, a platform that pays rewards in crypto to investors, will no longer pay these rewards to non-accredited US investors to comply with crypto regulations. This decision removes opportunities for the average investor to earn passive income, causing backlash against the legacy system.
The Merge to ETH 2.0 Takes Longer Than Expected
The anticipated merge to ETH 2.0 has been pushed back to Q3 this year due to the complexity of the process. Although this is a small delay for Ethereum, the community urges patience as they await greatness.
