U.S. Treasury encourages a more strict regulation of cryptocurrency

The U.S. Congress was recommended to enact a law for a cryptocurrency and digital asset regulation, as well as the control of the associated risks that might possibly cause damage to the financial system of the country. These recommendations were given by the Financial Stability Oversight Council (FSOC), which consists of the top financial regulators. The FSOC also noted that there is a need of enacting a law which might enhance control over crypto spot markets.

The FSOC’s report follows a series of other reports on this matter, which were published in September by the White House’s executive order. Based on these reports, the U.S. President’s administration recommended government agencies to tighten up their control over the digital asset sector and identify existing regulatory flaws.

At this point, it remains unclear, when exactly the U.S. Congress might enact the recommended law for the cryptocurrency regulation.