U.S. Treasury Assistant Secretary for Financial Institutions, Graham Steele, has emphasized the need for proactive regulatory standards in the crypto sector. Speaking at an event at George Washington University Law School, Steele highlighted the opportunity for U.S. lawmakers to establish regulatory frameworks in the crypto industry before potential crises arise. Drawing parallels with past financial regulations like the Dodd-Frank Act, Steele urged forward-thinking measures in the burgeoning field of cryptocurrencies. He emphasized the Treasury’s role in overseeing crypto, citing last year’s executive order by President Joe Biden focusing on responsible digital asset development. Ripple CEO Brad Garlinghouse echoed similar sentiments, acknowledging the speculative nature of the crypto industry and emphasizing the importance of identifying practical applications. The discussion also touched on the recent FTX bankruptcy, illustrating risks in the crypto market and the importance of learning from past financial crises to avoid regulatory pitfalls. (Source: Coingape)
