Secretary of Treasury Janet Yellen testifies before US House Financial Services Committee

tweet at 10:27am: Yellen: This week we have had a real life demonstration of the risks from stablecoins tweet at 10:29am: US TREASURY SECRETARY YELLEN ALSO HIGHLIGHTS TETHER ALSO `BROKE THE BUCK' BRIEFLY. $USDT tweet at 10:29am: US TREASURY SECRETARY YELLEN: TREASURY IS WORKING HARD ON STABLECOIN RISK REPORT. tweet at 10:28am: @PatrickMcHenry @FSCDems @FinancialCmte @SecYellen @RepMaxineWaters In response to a question from Rep @PatrickMcHenry, @SecYellen says "of course" she makes a distinction between algorithmic stablecoins and asset-backed stablecoins tweet at 10:34am: @PatrickMcHenry @FSCDems @FinancialCmte @SecYellen @RepMaxineWaters Yellen: "I think creating a framework that is appropriate to the risks that stablecoins really provides the kind of certainty that issuers of stablecoins need to thrive in," says industry complains about reg uncertainty

Thank you, Chairwoman Waters, Ranking Member McHenry, and Members of the Committee. I am pleased to speak with you today about the Financial Stability Oversight Council’s ...

tweet at 10:38am: *YELLEN: STABLECOIN RISKS NOT YET AT SYSTEMIC-THREAT SCALE tweet at 10:38am: *YELLEN: STABLECOINS NOT YET REAL THREAT BUT GROWING RAPIDLY tweet at 10:47am: @PatrickMcHenry @FSCDems @FinancialCmte @SecYellen @RepMaxineWaters @jahimes @RepLynch "I think the risks associated with the proliferation of private "I think that the benefit of issuing a CBDC would be that it might diminish the proliferation of these stablecoins but it depends on the design of exactly how the CBDC is introduced," @SecYellen says tweet at 11:01am: @PatrickMcHenry @FSCDems @FinancialCmte @SecYellen @RepMaxineWaters @jahimes @RepLynch @RepRitchie Bank regulation framework has flexibility for different models, @SecYellen says