The U.S. Financial Stability Oversight Council reiterates its call for Congress to legislate to address cryptocurrency-related risks
According to the annual report released by the Financial Stability Oversight Committee (FSOC), composed of heads of major financial regulatory agencies in the United States, on Thursday, it reviewed the situation in climate, banking, network security, artificial intelligence, and other issues over the past year. The report suggests that the US Congress define and address the issues of the encrypted spot market and stablecoins through legislation. The report points out that these recommendations are the same as those proposed by FSOC at the end of 2022.
The report mentioned this year's Curve Finance hack, which lost $50 million. Although Curve later recovered 73% of the funds, the report stated that one of the main concerns is that loans supported by CRV may collapse due to loss of collateral.
The report also stated: "The Financial Stability Oversight Committee urges Congress to pass legislation that grants federal financial regulatory agencies the authority to develop clear rules for non-security encrypted asset spot markets. Congress should also pass legislation to create a comprehensive prudential framework for stablecoin issuers to address market integrity, investor and consumer protection, and payment risk issues. If comprehensive legislation is not enacted, the Committee is still prepared to consider measures to address stablecoin-related risks." (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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