US Risk Watchdog Poised to Ask Congress to Name Crypto Spot Market Regulator

The FSOC – whose members include the heads of financial agencies, including the Federal Reserve and both the SEC and CFTC – is also preparing to recommend that U.S. regulators need to be able to reach into all corners of digital businesses. They not only need to be able to supervise a crypto firm, but also all of its affiliates and key service providers – like the Fed can do when it oversees Wall Street banks, the report will argue, asking Congress to grant that power.