Yellen calls for crypto regulation to reduce risks, fraud

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. One result would be that users would get documentation of their crypto dealings for use in filing their taxes. Yellen is following up on an executive order that President Joe Biden signed on digital assets last month (March 2022). The administration’s action follows several high-profile examples of alleged cryptocurrency laundering and fraud this year. In February 2022, the Justice Department announced the seizure of more than $3.6 billion and the arrest of a couple accused of conspiring to launder billions of dollars in stolen cryptocurrency.