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While studies on cryptocurrency regulations continue in the United States, a cryptocurrency report has been prepared by the United States Government Accountability Office (GAO), commissioned by Financial Services Committee representatives Maxine Waters and Stephen Lynch.
According to the news of Coindesk, in the report, which stated that there is an important legal gap for cryptocurrencies, it was stated that all regulators should work together to solve this situation.
“As a result of the investigations, it was seen that there is an important legal gap in the crypto money industry.
At this point, no federal financial regulator has comprehensive authority to regulate the spot market for non-security cryptocurrencies.
A formal coordination mechanism should be established to address risks associated with cryptocurrencies and blockchain technology. This can help federal financial regulators collectively identify risks and develop timely and appropriate responses.”
“The absence of intermediaries in DeFi raises regulatory concerns over consumer protection. As services here become more interconnected and decentralized, risks increase, including financial shocks and illicit finance,” the report said. it was said.
The report recommended that the leading U.S. financial regulators, the “Consumer Financial Protection Bureau (CFPB), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, National Credit Union Administration (NCUA), Office of the Currency Supervisory (OCC), and the Securities and Exchange Commission (SEC)” jointly establish an existing formal coordination mechanism.
*Not investment advice.