Federal officials in Washington are scrambling to get a handle on the sudden boom in cryptocurrencies as questions swirl about their place in the financial system.
The two top U.S. federal agencies for regulating cryptocurrencies both say they want tighter oversight of the currencies, which have exploded in popularity and are increasingly used as an investment vehicle.
The heads of both the Securities and Exchange Commission (SEC) and Commodity Futures Trade Commission (CFTC) testified this week that they would like to work with each other, the Federal Reserve and state regulators on a “coordinated” strategy for bringing stability to the lightly regulated cryptocurrency market.
