Interest in cryptocurrencies has surged over the past year, and policymakers are scrambling to catch up. Investors have rushed into major digital currencies such as bitcoin and a growing industry of financial products tied to them, prompting regulators to lay out new rules for a rapidly growing world.

Financial regulators appointed by President Biden have recently pledged to crack down on any manipulation or abuse within the cryptocurrency industry, while advocates for the industry insist the government must lay out clear, consistent rules for all to follow.

Here are five reasons cryptocurrencies are spurring action from Washington, including concerns over security and risks related to new technologies.