FSOC will publish a report next month on regulatory gaps around cryptocurrency, and ways to plug them, to cap off a Biden directive around developing a unified federal approach for digital assets.
The committee focused on systemic financial risks will publish another report on digital assets next month as part of the Biden Administration’s coordinated approach towards unified U.S. crypto policy.The Financial Stability Oversight Council plans to identify regulatory gaps on digital assets and recommend ways to plug them next month, as the final part of a long-awaited federal framework for U.S. digital asset policy, according to senior Biden administration officials.
In addition to beefing up federal crypto policy coordination, the administration also wants to pursue global leadership in digital asset policy, across different international organizations. Domestically, the administration cited stablecoin concerns and the wider market fallout that occurred due to the collapse of popular stablecoin project Terra/Luna as a major area for FSOC to address.
FSOC published a separate report on stablecoins in December of 2021, at which time it said it would consider taking action if Congress did not pass a framework. During a background press briefing on Thursday, Biden administration officials told journalists that none of the reports published Friday included recommendations for congressional action. But it was not clear if FSOC's new report would also steer clear of asking Congress to pass new laws.
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