Washington grapples with how to expand crypto oversight

The cryptocurrency explosion has forced Washington to adapt federal financial rules to a quickly growing and changing industry.

Americans have poured billions of dollars into cryptocurrencies and a wide array of blockchain-based financial platforms over the past year as the pandemic triggered an investment boom. While the crypto market has picked up steam steadily over the past decade, a surge of interest in the space and the rapid rise of decentralized financial networks has drawn fresh attention from regulators and lawmakers.