“Innovation without adequate regulation could result in significant disruptions,” Yellen said during the council’s Monday meeting. She said the report"identifies a number of current gaps in regulation" and finds that crypto assets"could pose a risk to financial stability."The 125-page FSOC document concluded that potential fraud and manipulation in crypto trading begs for a spot market watchdog, according to a staff presentation at the meeting.
"Crypto cannot exist outside of our public policy frameworks, regardless of what the crypto industry initially expected or what certain market participants might say today," SEC Chairman Gary Gensler said on Monday, adding that the policies need to protect consumers and financial stability, while also shielding against illegal activity.
The FSOC contends the crypto industry has been picking and choosing regulators – or often ignoring them completely. The FSOC’s recommendations also targeted the kind of proposal made by crypto broker FTX to directly clear its customers’ crypto derivatives trading rather than using traditional go-betweens.
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