Regulators Considering Plan B If Congress Fails to Act on Crypto

Financial market regulators are considering steps they could take to rein in the crypto market if Congress doesn’t pass legislation, the head of Wall Street’s top derivatives regulator said.

“In the absence of clear direction from Congress, which I know they’re working on, it’s our responsibility to work together and to come up with solutions to the extent that we’re able to within the authority that we currently have,” Commodity Futures Trading Commission Chairman Rostin Behnam said Monday in an interview with Bloomberg News.

Crypto firms have been looking for clarity on the regulations they should follow. Many have pushed ...