The minister of the personal Conduct Authority of the US Financial system (FCA) appeared at the Federation of Finance Bureaus of the House of Commons on March 8th to discuss the work of the agency. The questions raised included cryptocurrency regulation, which officials clearly lacked enthusiasm.

Ashley Alder, the current chairman of FCA, took office in February after serving as CEO of Hong Kong's Securities and Futures Trading Commission (Securities And Futures Commission). She told the federation that with the passage of the Financial Services and Markets Act in Congress, FCA is in the process of a very groundbreaking reset. He and CEO Niebuliti responded to irrational borrowing, mortgage rates and other hot issues, and then mentioned the password in the next few minutes of the hearing system.

Cliff Randall, the former chairman of the FCA, sent a letter to the federation, saying that "the password for foreign exchange speculation is pure gambling and should be regulated and taxed in that way." Alder responded that internationally, with the exception of financial regulatory organizations, it is not easy to deal with this issue from a regulatory point of view. Alder added that regulation of the financial sector "must be appropriately stringent".

Alder shows that if the basic principle of "the same risk, the same regulation" is applied to the data encryption business process:

"what is interesting is the extent to which passwords must be integrated and effectively detoxified and can be integrated into this system."

Asked if regulation was "superfluous" to encrypt data legally, Mr Alder replied: "I promise," but he pointed out that there was no regulation and that social policy issues such as money laundering were difficult to solve.

The success of the Financial Services and Markets Act will give FCA new regulatory rights in the cryptocurrency area, but will not eliminate the losses caused by the cryptocurrency. "We're not going to be able to build a framework to protect customers from damage," Rathi said.

He added that most US password holders have a cryptocurrency value of no more than "more than a hundred yuan".

The Financial Services and Markets Act was submitted to the House in July and revised in October to expand password regulation.