US Treasury recommends lawmakers decide which regulators will oversee crypto spot market By Cointelegraph
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US Treasury recommends lawmakers decide which regulators will oversee crypto spot marketOfficials with the United States Financial Stability Oversight Council, or FSOC, have recommended U.S. lawmakers pass legislation to determine which “rulemaking authority” will be responsible for regulating parts of the crypto spot market.
In an Oct. 3 meeting of the FSOC, Jonathan Rose, a senior economist at the Federal Reserve Bank of Chicago, said the FSOC had released a report in accordance with President Joe Biden’s executive order on crypto, detailing potential financial stability risks of digital assets and regulatory gaps. The report identified regulatory gaps including the spot market for cryptoassets that were not securities subject to “limited direct federal regulatory” — hinting at lawmakers stepping in to prevent possible market manipulation and conflicts of interest.
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US Treasury recommends lawmakers decide which regulators will oversee crypto spot marketOfficials with the United States Financial Stability Oversight Council, or FSOC, have recommended U.S. lawmakers pass legislation to determine which “rulemaking authority” will be responsible for regulating parts of the crypto spot market.
In an Oct. 3 meeting of the FSOC, Jonathan Rose, a senior economist at the Federal Reserve Bank of Chicago, said the FSOC had released a report in accordance with President Joe Biden’s executive order on crypto, detailing potential financial stability risks of digital assets and regulatory gaps. The report identified regulatory gaps including the spot market for cryptoassets that were not securities subject to “limited direct federal regulatory” — hinting at lawmakers stepping in to prevent possible market manipulation and conflicts of interest.
Continue Reading on Coin Telegraph
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