US panel urges greater crypto asset regulation

A US federal panel called for legislation that will give regulators more authority over certain crypto assets, weeks before President-elect Donald Trump returns to the White House. Trump has vowed that the United States would be the "crypto capital of the planet," and his election campaign drew heavy financial support from cryptocurrency backers.

In a speech, Treasury Secretary Janet Yellen, who chairs the Financial Stability Oversight Council, said the Council "continues to call for legislation to create a comprehensive federal prudential framework for stablecoin issuers and for legislation on crypto assets that addresses the risks we have identified."