The top U.S. financial regulators are warning of dangerous holes in the oversight of crypto and are asking Congress for more powers, including settling which agency will oversee the bulk of trading in bitcoin and other non-security tokens, according to a report unanimously approved at a meeting of the Financial Stability Oversight Council (FSOC) on Monday.
The council’s report flags several of the unregulated hazards in the digital assets industry, including the spot market for bitcoin (BTC). These latest recommendations from the group, which is led by Treasury Secretary Janet Yellen, effectively bolster the two leading efforts in crypto legislation: a bill that would put the Commodity Futures Trading Commission (CFTC) in charge of overseeing that spot market, and another that would establish rules for stablecoin issuers.
Source: US Risk Watchdog Asks Congress to Name Crypto Spot Market Regulator
