Blockchain technology offers the potential for faster and cheaper financial transactions without intermediaries. But it also brings risks. Recent price crashes, bankruptcies and fraud involving crypto assets, such as bitcoin and other cryptocurrencies, have raised concerns about regulation and the risks consumers face. There are gaps in federal regulations for stablecoins – a type of crypto asset – and crypto asset trading platforms. This makes consumers and investors vulnerable. We have recommended that Congress consider legislation to address these risks.

View the report: https://www.gao.gov/products/gao-23-105346

Obtain transcript: https://www.gao.gov/assets/830/826414.txt

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