Reuters/ Michelle Price, Pete Schroeder/ February 6, 2018

WASHINGTON (Reuters) – U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday.

The comments by SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing.

Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but added that lawmakers may have to clarify and enhance regulatory powers.

Read full article here.

Stay In The Know

with the Washington Watch newsletter