The top US financial authorities want Congress to provide them expanded authority to directly supervise Bitcoin trade, the world’s largest cryptocurrency. The presidents of the Federal Reserve, the Treasury, and other key financial watchdogs warned in a report released on Monday that the government has little capacity to oversee crypto assets that aren’t covered by securities rules. Although many tokens are governed by the Securities and Exchange Commission, some, like as Bitcoin, are not directly governed by any federal body. Congress should also grant regulators greater authority to rule on a variety of issues, including conflicts of interest, abusive trading practises, recordkeeping requirements, customer asset segregation, and cybersecurity, according to the FSOC’s 100-plus-page study released on Monday.
