US Treasury Urges Swift Crypto Regulation to Prevent Future Crises
A high-ranking official at the US Treasury has called upon lawmakers to take immediate action concerning crypto regulation to avert any potential future financial crises preemptively.
Graham Steele, the Treasury Assistant Secretary for Financial Institutions, argued that the world of crypto offers a unique opportunity for policymakers to institute comprehensive standards before a crisis unfolds, thereby fostering responsible innovation.
However, Steele emphasized the need to strike a delicate balance, ensuring that any regulatory measures put in place do not undermine the already robust regulatory framework governing financial institutions and capital markets.
Speaking at an event hosted by the George Washington University Law School, Graham Steele provided insights into his two-year tenure at the Treasury Department, where he has overseen areas such as cybersecurity, crypto, and capital markets.
The urgency of crypto regulation has gained prominence on Capitol Hill, with legislators actively crafting bills aimed at reining in the rapidly evolving cryptocurrency industry.
President Joe Biden has also endorsed the growing attention toward crypto regulation.
In 2022, he issued an executive order outlining a comprehensive, whole-of-government strategy for addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.
The executive order specifically targeted key areas such as consumer protection, financial stability, climate-related risks, and national security concerns tied to the crypto sphere.
Moreover, the order tasked the Treasury with producing various reports, one of which was devoted to regulating cryptocurrencies.
The 2022 Treasury report called for federal regulatory agencies
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