The U.S. Financial Stability Oversight Council has urged Congress to pass legislation on crypto assets. cryptocurrency bitcoin
The U.S. Financial Stability Oversight Council , a group of the country’s top financial regulators, has urged Congress to pass legislation for the regulation of crypto assets. Treasury Secretary Janet Yellen said: “Crypto-asset activities could pose risks to U.S.
Firstly, the council recommends that member agencies should consider general principles when dealing with crypto assets, such as “same activity, same risk, same regulatory outcome” and “technological neutrality.” Regulators should also “continue to enforce existing rules and regulations” and “coordinate with each other in the supervision of crypto-asset entities.
Moreover, council members should “continue to build their capacity to analyze and monitor crypto-asset activities and allocate sufficient resources to do so.” The report further details: 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.”
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