Fed's top financial regulator urges 'guardrails' for crypto

    WASHINGTON (AP) — The top U.S. banking regulator at the Federal Reserve is urging Congress to pass legislation that would impose regulation on crypto currencies.

    The call comes in the wake of the swift collapse last week of FTX, a leading crypto exchange.

    Michael Barr said in prepared testimony released Monday that the recent turn of events in cryptocurrency markets have highlighted the risks to investors and consumers associated with asset classes and activities not accompanied by strong regulatory guardrails.

    Barr is scheduled to testify before Congress Tuesday.

    He did not refer specifically to FTX in his written remarks.

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