The head of the Commodity Futures Trading Commission called on lawmakers on 9 February to grant his agency authority to regulate cryptocurrencies such as bitcoin, saying the "speculative fervour" around such assets has left investors in need of protection.

In a hearing before the Senate Agriculture Committee, which oversees derivatives markets, CFTC chair Rostin Behnam also echoed the scepticism expressed by his fellow Biden administration regulators about the potential that cryptocurrencies offer.