Posted by A key group of financial overseers said it will take action to rein in stablecoins if Congress fails to pass comprehensive legislation to regulate the tokens, the latest sign that the U.S. government is becoming increasingly alarmed by threats cryptocurrencies pose to the financial system.
Digital assets are some of the top concerns outlined by the Financial Stability Oversight Council in its annual report issued earlier today.
The report also highlighted the dangers posed by climate change, meme stocks and vulnerabilities exposed by the failure of Archegos Capital Management.
The council — a panel including all the heads of the U.S. financial agencies — is ramping up again this year after remaining largely dormant during the Trump administration.