Financial regulators in the United States are calling for Congress to pass more comprehensive legislation regarding cryptocurrencies.
In an annual report released last week, the Financial Stability Oversight Council (FSRS), a government body that evaluates the stability of the US financial system, urged Congress to act on the matter. Specifically, the FSRS called for Congress to provide more clarity on regulations regarding cryptocurrency exchanges, initial coin offerings (ICOs), and the potential for these new technologies to be misused for money laundering or other illicit activities.
The FSRS also highlighted the potential benefits of blockchain technology, noting that it “could enable innovation and efficiency in financial services, reduce the cost of financial services, improve financial access for underserved communities, and enable new types of investments and financial products.”
The FSRS is not the only body advocating for more clarity in the crypto space; the Securities and Exchange Commission has also called upon Congress to pass a bill that would provide more certainty for regulators attempting to oversee the crypto industry.
While these efforts may be beneficial in helping to protect consumers from potential scams and ensure the integrity of the financial system, it is still uncertain how Congress will move forward with regards to crypto regulation. Hopefully the FSRS report will spur some action from lawmakers in the near future.
