Bitcoin trades around $43,000, down 4% for the week
Bitcoin is down more than 4% month-to-date and off more than 5% year-to-date
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Bitcoin is trading around $43,000 Friday morning after falling for a fourth straight day.
The cryptocurrency has lost more than 6% during that slide.
Bitcoin is down more than 4% month-to-date and off more than 5% year-to-date.
Treasury Secretary Janet Yellen called for more regulation of the cryptocurrency industry.
Yellen said it was needed to ward off fraudulent or illicit transactions.
The Treasury Secretary made the remarks during a speech on Thursday at American University in Washington, D.C.
Treasury Secretary Janet Yellen ((AP Photo/Jacquelyn Martin) / AP Newsroom)
More regulation might help when it comes to taxes.
One potential upside is that users would get documentation of their crypto dealings for use in filing their taxes.
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"Taxpayers should receive the same type of tax reporting on digital asset transactions that they receive for transactions in stocks and bonds, so that they have the information they need to report their income to the IRS," said Yellen.
President Biden signed an executive order in March concerning digital assets.
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The action followed high-profile examples of alleged cryptocurrency laundering and fraud this year.
Yellen's speech focused on reducing digital currencies' risks to the financial system, along with maintaining the international prominence of the U.S. dollar.
The Associated Press contributed to this report.