Crypto Meltdown Highlights ‘Urgent Need’ for Regulation: US Treasury

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Cryptocurrency market turmoil underscores ‘urgent need’ for regulation: US Treasury

Recent turmoil in the cryptocurrency market underscores the “urgent need” for regulatory frameworks that reduce the risks posed by digital assets, a U.S. Treasury official said Thursday, as investors pulled assets from the sector.

“Treasury is monitoring activity in the crypto market. We believe the recent turmoil only underscores the urgent need for regulatory frameworks that mitigate the risks posed by digital assets,” the official told Reuters.

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“We continue to work closely with our regulatory partners, as they take action within their existing authorities, and offer guidance and expertise as Congress considers legislation to better address these risks.”

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