US Lawmakers Demand Answers from Treasury Secretary Yellen on Crypto Oversight

Four US lawmakers, including Representatives Patrick McHenry and Glenn Thompson, sent a letter to Treasury Secretary Janet Yellen pressing for clarification on crypto regulation gaps. Highlighting concerns over the lack of oversight in digital asset markets, particularly regarding bitcoin and ether, the lawmakers questioned Yellen on the role of the Financial Stability Oversight Council (FSOC) in addressing these gaps. They sought details on the FSOC’s coordination with regulatory bodies like the SEC and CFTC, emphasizing the need for comprehensive legislation to ensure customer protection and regulatory clarity in the crypto space. The letter requested a response from Yellen by February 20, seeking insights on the FSOC’s stance on securities laws, the regulatory authority of the SEC and CFTC, and the classification of bitcoin and ether as securities. (Source: