Senate Banking Committee Chair Sherrod Brown (D-OH) urged regulators to work with one another as well as with Congress on a coordinated approach to crypto regulation.
Director of the Office of Financial Research James Martin described the use of data-driven analytics to identify and address risks posed by the growth in the digital asset markets and by climate change.
The Senate Banking Committee and the House Financial Services Committee heard testimony on economic and regulatory developments from FRB Vice Chair for Supervision Michael S. Barr, FDIC Acting Chair Martin Gruenberg, Acting Comptroller Michael J. Hsu and NCUA Chair Todd M. Harper.
Acting Comptroller Michael J. Hsu encouraged investors to learn about responsible money management given the recent volatility in crypto markets. He urged investors to take a step back from social media to evaluate whether to continue investing in crypto assets.
Treasury Secretary Janet L. Yellen urged regulators to provide more effective oversight over cryptocurrency markets given the recent market moving events in the digital asset space.