FX.co ★ US government aims to tame crypto market

The US lawmakers are eyeing stricter federal oversight on the cryptocurrency market. Members of the US House of Representatives and Senate are calling for measures to address the risks posed cryptocurrencies to investors and the financial system.

Even conservative Republicans recognized the need of regulating this sphere. According to officials, there is a need for a regulatory framework if cryptocurrencies threaten the US economy.

Currently, digital assets fall into a so-called jurisdictional gray area. They are regulated by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Treasury Department, the Federal Reserve and individual states.

The US government is concerned about speculative trading and investing in cryptocurrencies. Some lawmakers proposed to equalize regulation of digital assets and securities so that investors could be protected by the SEC.