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Illustration: Eniola Odetunde/Axios

U.S. financial authorities are preparing to actively regulate the $1.5 trillion cryptocurrency market amid growing concerns of a lack of oversight, the Financial Times reports.

Why it matters: New efforts under the Biden administration reflect a break from the Trump-era approach, in which the administration at times encouraged cryptocurrency use within the financial system.

Michael Hsu, who was appointed this month as acting U.S. Comptroller of the Currency, told the FT that he wants U.S. officials to work together to set a "regulatory perimeter" for crypto.

  • Hsu testified at a congressional hearing earlier this month that, after seeing fintechs create new payment processing tools, "it is hard not to feel some déjà vu" to the years preceding the 2008 financial crisis.
  • The new techniques give rise “to a large and less regulated shadow banking system," he said.

Go deeper

Ina Fried, author of Login
Updated 3 mins ago - Technology

Windows goes to 11

Screenshot: Axios

Microsoft on Thursday offered a first look at Windows 11, coming this holiday season. The new version changes both the look of the operating system as well as its underlying business model.

Why it matters: Windows has been steadily losing market share on the desktop, which has itself lost prominence to smartphones.

Rudy Giuliani suspended from practicing law in New York over false election claims

Photo: Spencer Platt/Getty Images

Rudy Giuliani has been suspended from practicing law in the state of New York due to his false statements about the 2020 election, according to a court filing.

Driving the news: A New York court ruled that Giuliani made "demonstrably false and misleading statements to courts, lawmakers and the public at large in his capacity as lawyer for former President Donald J. Trump."

Pelosi announces select committee to investigate Jan. 6 Capitol riot

Nancy Pelosi speaking during a press conference on June 17. Photo: Joshua Roberts/Getty Images

Speaker Nancy Pelosi (D-Calif.) announced Thursday that she will create a House select committee to investigate the deadly Jan. 6 Capitol riot.

Why it matters: The creation of a single Democratic-controlled special committee, which will consolidate several House investigations, comes after Senate Republicans blocked a bill that would have established a bipartisan 9/11-style commission.