The Financial Stability Oversight Council (FSOC) of the US Treasury Department once again expressed the need for a law on cryptocurrencies.
FSOC, a financial stability watchdog composed of the heads of major U.S. financial regulators. Thursday, December 14 met on the day.
As a result of the meeting, the institution published its annual report addressing climate, banking, cyber security, artificial intelligence and other issues. Cryptocurrencies were also included in the report, just like last year. FSOC demand for cryptocurrencies, Same as late 2022 He stated that it was.
FSOC Bills regarding cryptocurrencies While arguing that it should not be kept waiting any longer, it was emphasized that wasted time poses a risk for the financial sector in general:
We urge lawmakers to pass legislation providing clear rulemaking authority over the spot market for crypto assets that are not securities. Congress should also pass legislation that would create a comprehensive framework for stablecoin issuers to address these issues. Clarity and integrity of law would be best for our financial system.
Chairman of the U.S. Senate Banking Committee Sherrod Brownhad put pressure on US Treasury Secretary Janet Yellen to address the legal framework for the cryptocurrency industry, based on the FSOC recommendations shared last year.