The chair of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, has challenged Congress to move fast and enact legislation to regulate the cryptocurrency space. 

The regulator pointed out that the effects could spill over to the general financial system if the crypto sector is contained. 

“The events of the past few weeks embody–in the most regrettable way—the perilous state of the digital asset market. <…> I strongly believe that we need to move quickly on a thoughtful regulatory approach to establish guardrails in these fast-growing markets of evolving risk, or they will remain an unsafe venture for customers and could present a growing risk to the broader financial system,” he said.