U.S. Treasury Department official calls on lawmakers to develop cryptocurrency regulatory standards before next financial crisis

Graham Steele, Assistant Secretary for Financial Institutions at the US Treasury Department, spoke at an event hosted by the Washington University Law School on Thursday, saying, "After each financial crisis, new regulations are adopted, such as the Dodd-Frank Act and the National Bank Act, and for cryptocurrencies, policymakers have the ability to take action before the (next) crisis occurs." In addition, Steele said, "Our report shows that the United States has strong investor and consumer protection laws overall, which can address many of the risks associated with crypto assets. Under existing laws and regulations, vigorous enforcement must be carried out to ensure that crypto assets and services (and the consumers who use them) are subject to the same protection and principles as other financial products and services." (The Block)