FXstreet

Regulators may need more power/clarification from Congress to control Bitcoin says Senate Banking Committee Chair Mike Crapo. SEC Chair Jay Clayton left the door open to asking for it. He said appropriate federal regulation of cryptocurrencies may include: data reporting, capital requirements, cybersecurity standards, measures to prevent fraud and price manipulation and anti-money laundering and “know your customer” protections.



He said the risks of investing in ICOs and cryptocurrencies are significant because many promoters are not complying with US securities laws and because investors who put money into them may have their money could be sent overseas without their knowledge.

Another risk to investors, said the regulator, is the SEC and state securities regulators may not be able to effectively pursue the overseas bad actors in the products.

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