Top U.S. banking and markets regulators on Monday warned that the crypto industry could pose a major risk to the financial system if lawmakers and agencies don't act soon to set ground rules.
The Financial Stability Oversight Council — a Treasury-led panel of top officials from the Federal Reserve, SEC and other agencies — released a 120-page reportthat identified a wide range of regulatory gaps and market risks affecting everything from Bitcoin trading platforms and stablecoins to consumer protection and cyberattacks.
Those risks will get more severe as the industry expands and digital asset businesses forge ties with traditional financial institutions like banks and payment systems, according to the report, which was produced in accordance with President Joe Biden's March executive order on crypto.
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