Senate banking chief urges U.S. Treasury to secure new crypto rules

FILE PHOTO: Chairman Sherrod Brown questions Treasury Secretary Janet Yellen during the Senate Banking, Housing, and Urban Affairs Committee hearing titled “The Financial Stability Oversight Council Annual Report to Congress,” in Dirksen Senate Office Building in Washington, D.C.,U.S., May 10, 2022. Tom Williams/Pool via REUTERS

(Reuters) -A Democratic senator and chair of a key committee on Wednesday pressed U.S. Treasury Secretary Janet Yellen for help in securing legislation to better regulate cryptocurrency, the latest sign of pressure for tougher regulations following the collapse of crypto exchange FTX.

Senator Sherrod Brown of Ohio also urged the Financial Stability Oversight Council (FSOC), a U.S. regulatory panel comprising top financial regulators, to find ways to enhance crypto asset disclosures and bolster market integrity.