It looks like cryptocurrencies are on the cusp of more shocks, which could further damage currencies that have collapsed to their lowest levels since July 2021.

Over the past 5 days, digital currencies lost more than 350 billion dollars, as the market value plunged to levels near 1.46 trillion dollars, compared to 1.81 trillion dollars on May 5.

Regulators in Washington intend to impose further restrictions on cryptocurrencies in the absence of any clear guidance from Congress.

The head of Wall Street's largest derivatives regulator said financial market regulators are considering steps they can take to control the cryptocurrency market if Congress fails to pass legislation.

Rustin Behnam, Chairman of the Commodity Futures Trading Commission added that regulators should work together and come up with a solution within their authority to rein in the cryptocurrency market.

Urgent: Very bad news

reach an agreement

Rustin Behnam said the CFTC and the Securities and Exchange Commission have not reached any agreements on their respective roles if Congress fails to step in and draw clear legal lines.

The head of the largest derivatives regulator on Wall Street added, but discussions are continuing on a large scale between the country's regulators with legislatures.

Urgent: An earthquake sweeps the markets..a very bleak scene

We will not tolerate

Behnam said that any indications that the commission will be more lenient towards the cryptocurrency industry than other regulators are completely incorrect.

The Chairman of the Commodity Futures Trading Commission added that the commission would be an appropriate body to regulate the market, given its long track record in enforcement and supervision of crypto-derivatives.

It is reported that Gary Gensler, president of the Securities and Exchange Commission, believes that most digital assets are securities that are subject to the rules of the US Agency.