US financial authorities are preparing to take a more active role in regulating the $1.5tn cryptocurrency market as concern grows that a lack of proper oversight risks harming savers and investors.
The new efforts reflect a break with the Trump administration, which in some cases encouraged the use of cryptocurrencies in the financial system. But they could take time to bear fruit as US regulators struggle to determine who has the legal authority to oversee the volatile market.
In an interview with the Financial Times, Michael Hsu, who was installed this month as acting comptroller of the currency, said he hoped US officials would work together to set a “regulatory perimeter” for cryptocurrencies.
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