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Bitcoin Draws Congress' Ire as Regulators Bemoan Oversight Gaps

  • SEC and CFTC chiefs say they may need more power over crypto
  • Existing rules aren’t adequate for exchanges: SEC’s Clayton
Bloomberg business news
Bloomberg’s Ed Robinson discusses Bitcoin’s rebound and concerns over the regulation of cryptocurrencies. (Source: Bloomberg)
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The U.S.’s top market cops on Tuesday identified gaping holes in regulators’ ability to police cryptocurrencies, opening the door for Congress to tighten oversight of what’s become a global investment craze.

Lawmakers may need to to pass legislation that gives federal agencies jurisdiction over Bitcoin’s spot market and the online platforms that digital coins trade on, Commodity Futures Trading Commission Chairman J. Christopher Giancarlo and Securities and Exchange Commission Chairman Jay Clayton said during a hearing before the Senate Banking Committee.