As Cointelegraph reported, the U.S. Government Accountability Office (GAO), a congressional watchdog, released a report completed in June on the regulatory framework for the use of financial blockchain.
The 77-page report was requested by Reps. Maxine Waters (D-Calif.) and Stephen Lynch (R-Ill.) before the midterm elections, when they were chair and ranking member of the House Financial Services Committee, respectively.
The report said that crypto regulation needs to address the lack of cooperation among agencies. The report pointed out that crypto asset trading platforms and stablecoins are products that lack regulation, identified the spot market for non-securities crypto assets as the center of the regulatory gap, and pointed out that by designating federal regulators to conduct comprehensive federal supervision of non-securities crypto spot markets, Congress can mitigate financial stability risks and better ensure that platform users are protected. The report recommends that the seven relevant regulators jointly establish or adjust existing formal coordination mechanisms to jointly identify risks posed by blockchain-related products and services and develop timely regulatory responses.