In one scheme, criminals impersonated a financial institution and defrauded victims of $3.7 million. The FBI advised banks to warn customers about such scams.

A sweeping piece of legislation that would overhaul how the cryptocurrency industry is regulated by Washington is unlikely to be voted on this year by the U.S. Senate, according to one of the lawmakers driving the effort.

The comments from the agency's under secretary for domestic finance came as it issued a request for feedback on the risks and opportunities of digital assets.

Expanding its support into digital assets will let users see a more complete financial picture in personal finance apps that use Plaid for data aggregation.

Lawmakers and regulators alike appear increasingly unlikely to make significant progress in crypto policy before autumn, frustrating analysts and advocates alike.

Nikhil Rathi, CEO of Britain's Financial Conduct Authority, said the recent cryptocurrency market crash has underscored the need for regulation on both sides of the Atlantic.

The cryptocurrency lender Celsius Network filed for Chapter 11 bankruptcy, the latest casualty of a $2 trillion crash that has wiped out some of the industry’s biggest names and exposed hundreds of thousands of individual investors to steep losses.

As Celsius Network’s customer withdrawal freeze enters a full month, the beleaguered crypto lender has paid back a string of debts totaling more than $900 million during the same period to decentralized-finance platforms. 

Challenger banks such as Quontic Bank and Current are just some of the early adopters in the evolving space.

The Financial Stability Board, an international consortium representing G-20 countries' bank authorities, advised them to get tougher on stablecoins and other crypto assets.