Leading US financial regulators are requesting congress to have more authority over cryptocurrencies.
In a new report released recently, US financial institutions argued that they have limited authority to regulate crypto assets and that such powers should be expanded. The council’s report pointed to several gaps in the crypto-asset industry, including the Bitcoin spot markets. Financial institutions, which argue that they are insufficient in responding to the deficits in question, are saying that Bitcoin is already that no federal agency falls under its jurisdiction. stated.
This aggregate request was submitted by regulators, including the heads of the US Federal Reserve (FED), the US Commodity Futures Trading Commission (CFTC), and the US Securities and Exchange Commission (SEC). Biden administration He called for a more coordinated stance on regulating cryptocurrencies.
Released by the Financial Stability Oversight Council (FSOC) 125 page reportAuthorization was requested from the congress, especially on issues such as malicious transaction practices, record keeping requirements, and cyber security. Not only crypto companies but also all its affiliates and key service providers This report, which requests to be able to supervise
In the future, a report that is planned to be converted into a draft law If passed by Congress, the authority to regulate cryptocurrencies will not be limited to the SEC after that point, but will come under the jurisdiction of many federal authorities.