U.S. financial regulators are working toward a harmonized regulatory approach for digital assets in order to inform future legislative efforts, a senior Treasury official said Nov. 5.

Congressional efforts to regulate virtual currencies and blockchain technology companies would benefit from the insights of the Federal Stability Oversight Council, Craig Phillips, counselor to Treasury Secretary Steven Mnuchin, said at a fintech conference in Washington.

The council—which includes the Treasury Department, Federal Reserve Board, Commodity Futures Trading Commission, and Securities and Exchange Commission—has been working for more than a year on white paper that will address topics including market structure, retail market...