Biden administration urges Congress to speed up crypto rules
The Biden administration has called on Congress to pass new laws to clear up how cryptocurrencies should be regulated, as officials warn delays on Capitol Hill could put investors at risk.
The US Financial Stability Oversight Council — a group of the country’s top financial regulators which includes the Treasury — issued a report on Monday urging politicians to come to agreement on a number of different areas, including how to regulate bitcoin and other crypto assets sold on the spot market.
The report comes as members of Congress debate new proposals covering everything from the $140bn stablecoin industry to tax rules for crypto brokers. But while Biden administration officials worry about a repeat of the collapse of now-infamous stablecoin TerraUSD, those close to the Congressional negotiations say they are still months away from passing new legislation.
This story originally appeared on: Financial Times - Author:Kiran Stacey
