U.S. Treasury Department Official Calls for Legislators to Establish Cryptocurrency Regulatory Standards Before the Next Crisis

Graham Steele, Assistant Secretary for Financial Institutions at the U.S. Treasury Department, has warned that U.S. legislators need to take action before the next crisis erupts to establish regulatory standards for cryptocurrencies. Steele stated that after every financial crisis in the U.S., new regulations are implemented, such as the Dodd-Frank Act and the National Banking Act. He emphasized that policymakers have the ability to act on cryptocurrency before a crisis occurs.