The bid administration calls on the congress of accelerating the crypto rules

The bid administration has asked Congress to say goodbye to new laws to clarify how cryptocurrencies should be regulated because civil servants warn that delays could endanger investors.

The US Financial Stability Oversight Council-a group of the top financial supervisory authorities in the country, which also includes the Ministry of Finance-issued a report on Monday in which he asks the politicians to agree in a number of different areas, including the regulation of Bitcoin and other crypto-assets that are sold on the US dollar.

The report comes while members of the congress discuss new proposals that cover everything from the 140-billion dollar stable industry to tax rules for crypto brokers. But while officials of the bidges are concerned about a renewed collapse of the now infamous StableCoin Terrausd, those who are close to the congress negotiations say that they are still away from the adoption of new laws for months.

The FSOC report also comes, while the crypto industry is shaken by a historical drop in prices, in which several prominent companies went bankrupt, which raises the question of who should exercise the main supervision of volatile cryptoma markets.

Supervisory authorities such as the Securities and Exchange Commission and the Commodity Futures Trading Commission continue to urge responsibility for the industry. The second chairman Gary Gensler has argued that most cryptocurrencies-and the platforms on which they are traded should be regulated by the SEC, since many of the tokens according to US law are considered securities.

A civil servant of the Ministry of Finance said that the authors of the report - which Gensler and Rostin Behnam, the chairman of the CFTC, includes - did not intend to prefer another authority to another.

The report warned that many cryptoasset activities on "basic risk controls to protect against running risks or to ensure that the leverage is not excessive" The prices have repeatedly listed significant and broad declines ".

The FSO's report also suggests cross-agency cooperation in order to close existing loopholes that enable crypto-asset companies to find the cheapest regulation for their business.

"Some crypto-asset companies may have subsidiaries or subsidiaries that work under different regulatory framework, and no individual supervisory authority may have an insight into the risks of the entire company."

For this purpose, the FSOC recommended that the Congress say goodbye to rules that would give the federal market authorities to issue rules for crypto-asset markets that do not fall under the existing US investment laws.

The rules should cover conflicts of interest, improper trade practices, the separation of customer assets, cybersecurity and the storage of records.

The council report also calls on the congress to adopt laws in order to give the supervisory authorities an insight into the subsidiaries of cryptoplate forms and to create a federal framework for stable coin emitters.

The group of supervisory authorities added that the exposure of the traditional financial world was limited to crypto activities, but could "increase". Stablecoin activities, calculated trade and asset custody are mentioned as examples of a possible interweaving between traditional finance and crypto. This summer, the Coinbase crypto exchange concluded a contract with the wealth management giant Blackrock to enable customers to easily access crypto.