US Treasury challenges Congress to pass crypto regulation laws to minimize risks

As the United States engages in debate to regulate cryptocurrencies, Congress has emerged as a critical player in rolling out the necessary laws. Notably, several crypto regulation-related bills have been presented before lawmakers.Financial Stability Oversight Council (FSOC) has called on Congress to pass the necessary legislation to regulate crypto. Notably, the FSOC, which comprises leading United States regulators, identified critical gaps in the regulations of cryptocurrencies that Congress can help address. According to the panel, the laws should address limited oversight of the spot market for tokens not classified as securities, opportunities for regulatory arbitrage, and a stand on whether crypto firms should have the approval to integrate different services in the past offered by intermediaries.