SEC, CFTC Officials Tell Congress They May Need Cryptocurrency Powers

Two of the nation's top financial regulators said that Congress may need to grant them new powers if they are to protect consumers from fraud on cryptocurrency exchanges, the digital trading platforms where investors swap dollars for bitcoin or other virtual currencies. Asked by federal lawmakers whether they had enough authority to shield cryptocurrency investors from scams, market manipulation and abuse, top officials from the Securities and Exchange Commission and the Commodity Futures Trading Commission said that the agencies were still consulting with other U.S. officials but that they may need more legislative authority.