Cryptocurrency market turmoil underscores 'urgent need' for regulation: US Treasury

Washington: Recent turmoil in the cryptocurrency market underscores the "urgent need" for regulatory frameworks that reduce the risks posed by digital assets, a US Treasury official said on Thursday, as investors pulled assets out of the sector.

“Treasury is monitoring activity in the crypto market. We believe the recent turmoil only underscores the urgent need for regulatory frameworks that mitigate the risks that digital assets pose," the official told Reuters.

"We continue to work closely with our regulatory partners, as they take action under their existing authorities, and offer guidance and expertise as Congress considers legislation to further address these risks.”