The Wall Street JournalThe Wall Street Journal

Crypto could threaten financial system, federal risk panel warns

By Andrew Ackerman and Paul Kiernan

06 Oct 2022 · 3 min read

In yet another instance, US regulators have given a rap on the knuckles of crypto enthusiasts by warning of financial risks and calling for tougher oversight, reports WSJ.

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Risks tied to cryptocurrencies could grow rapidly and eventually threaten the broader financial system, a panel of senior U.S. officials warned Monday, calling for tougher oversight of digital assets.

The Financial Stability Oversight Council, chaired by Treasury Secretary Janet Yellen, said the crypto industry remains small compared with the overall financial system, but that could change quickly and exacerbate potential systemic risks.

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