- The U.S. Financial Stability Oversight Council (FSOC), a group of the country’s top financial regulators, has urged Congress to pass legislation for the regulation of crypto assets.
- The voting members include the Treasury Secretary, the Federal Reserve chairman, the Comptroller of the Currency (OCC), the chairman of the Securities and Exchange Commission (SEC), and the chairman of the Commodity Futures Trading Commission (CFTC).
- Citing the FSOC report, Yellen noted: “Crypto-asset activities could pose risks to U.S. financial stability if their interconnections with the traditional financial system or their overall scale were to grow without adherence to or being paired with appropriate regulation, including enforcement of the existing regulatory structure”.
Top US Regulators Urge Congress to Pass Legislation on Crypto Assets
