The crypto industry is calling for U.S. regulations as the epic failure of FTX drags at the sector. Most regulators say they can’t do the job without more powers from Congress. So far, a sound-and-fury campaign from lawmakers hasn’t shown a path forward.
The chairman hinted that one priority may be going after the structure of the big crypto firms, which routinely combines exchange, lending, custody and investing functions all under the same roof in ways that would be outlawed in the more closely regulated U.S. financial industry. But Brown and other regulators, such as Treasury Secretary Janet Yellen, have argued the answer has to be a wider effort across the federal government. Such a legislative solution would likely involve debates in several committees next year and may take months to make significant progress.
Source: News Formal (newsformal.com)
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