US Rings Crypto Warning Bell That Regulators Say Only Congress Can Silence

There are hazardous gaps in how crypto is overseen, according to the latest annual report from the Financial Stability Oversight Council (FSOC) – restating a view that’s long been adopted by U.S. lawmakers, regulators and the industry itself.

The FSOC – a panel of U.S. financial agency chiefs that includes U.S. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and the heads of several other regulatory agencies – met Friday to discuss risks to the financial system and approve the council’s annual report. While echoing the same widely held concerns about an inability to reach into spot markets for tokens that aren’t securities, the report shared another common position: Only Congress can give the agencies the powers they need to establish a full set of rules that covers the whole crypto industry.

Source: US Rings Crypto Warning Bell That Regulators Say Only Congress Can Silence