The U.S. Accountability Office (GAO) believes significant regulatory gaps in the crypto industry — specifically related to spot cryptocurrency markets and stablecoins — need to be addressed via a government-wide approach before they become a risk to financial stability.
The watchdog said in a report titled “Blockchain in Finance” that blockchain technology offers significant improvements for the financial system like cheaper and faster transactions but recent events, like the collapse of FTX, have shown there is a dire need for regulation in the sector.
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