Crypto Risk Controls Still Needed After U.S. Legislation — Market Talk

The U.S. has made progress in the regulation of cryptocurrencies but there is still need for risk controls, TP ICAP's Hina Joshi says in a note. Recent hacks of crypto exchanges including Bybit, CoinDCX and Cetus Protocol are "a reminder that while we have come a long way, more needs to be done to ensure the right infrastructure in place for a more resilient market." President Trump on Friday signed into law regulation of stablecoins, a type of cryptocurrency tied to another asset such as the dollar. The House passed two other crypto bills last week, including a new market structure for digital assets and a ban on a U.S. central bank digital currency. Bitcoin rises 1.8% to $119,113, LSEG data show. (renae.dyer@wsj.com)