As regulators battle for a bigger pie share to oversee the crypto industry, the US Treasury highlighted the gaps that need to be addressed.
In a new report, the Financial Stability Oversight Council , a regulatory panel comprising leading financial regulators, identified areas in crypto regulation with:opportunities for regulatory arbitrage, or benefit favorable rules;
The FSOC proposed several recommendations for legislators, including the creation of a federal framework for stablecoin issuers to address market integrity and consumer protection. Hence, the FSOC, which includes the SEC chair and CFTC head, is eyeing a bigger piece of the crypto regulatory action. As such, the council has suggested that Congress should also provide the federal financial regulators rulemaking authority to weigh in on a myriad of areas such as conflicts of interest, abusive trading practices, recordkeeping requirements, segregation of customer assets, and cybersecurity.
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