The Financial Stability Oversight Council has been urging Congress to pass legislation regulating crypto, calling for lawmakers to close regulatory gaps and decide which regulator will oversee the crypto spot market.
Details were sparse in the Treasury statement, but it said Federal Reserve Bank of New York staff gave a presentation on market developments. The gist of the presentation was reassuring:
“The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient.”The functions of the FSOC under the law are “identifying risks to the financial stability of the United States; promoting market discipline; and responding to emerging threats to the stability of the U.S. financial system.
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