Cryptocurrencies
Top Wall Street Watchdogs to Congress: Give Us More Power to Police Bitcoin
- Group including Fed, SEC and CFTC asks Congress for help
- Coins that are commodities like Bitcoin lack federal overseer
The price graph for Bitcoin on a computer.
Photographer: Lam Yik Fei/BloombergThis article is for subscribers only.
The top US financial regulators want Congress to give them new powers to directly oversee trading in Bitcoin, the world’s largest cryptocurrency.
In a Monday report, the heads of the Federal Reserve, the Treasury and other leading financial watchdogs said the government has limited ability to regulate crypto assets that aren’t covered by securities laws. Although many tokens fall under the Securities and Exchange Commission’s rules, some, like Bitcoin, are not directly under any federal agency’s jurisdiction.