U.S. Treasury Officials: Lawmakers Need to Establish Cryptocurrency Regulatory Standards Before a Crisis Erupts

ChainCatcher News, U.S. Treasury Assistant Secretary for Financial Institutions Graham Steele stated during an event hosted by the University of Washington School of Law on Thursday, "After every financial crisis, new regulations are adopted, such as the Dodd-Frank Act and the National Bank Act, and for cryptocurrencies, policymakers have the ability to take action before a crisis occurs."

Additionally, he stated, "Our report indicates that the U.S. overall has strong investor and consumer protection laws that can address many of the risks posed by crypto assets. There must be vigorous enforcement of existing laws and regulations so that crypto assets and services, as well as the consumers using them, receive the same protections and principles as other financial products and services."