U.S. Treasury official calls on lawmakers to set crypto regulatory standards before next crisis

According to The Block, Graham Steele, assistant secretary of the U.S. Treasury Department for financial institutions, warned that U.S. lawmakers need to take action to develop cryptocurrency regulatory standards before the next crisis breaks out. Steele said that after each financial crisis in the United States, new regulations are adopted, such as the Dodd-Frank Act and the National Banking Act. He said that for cryptocurrencies, policymakers have the ability to take action before a crisis occurs.