What Is the Purpose of the Financial Stability Oversight Council (FSOC) in This Context?
The FSOC, established by the Dodd-Frank Act, is a US interagency body tasked with identifying and responding to risks to the financial stability of the United States. In the crypto context, its purpose is to monitor the potential systemic risks posed by digital assets, especially stablecoins and decentralized finance (DeFi), and to make recommendations to member agencies (SEC, CFTC, etc.) to address regulatory gaps and ensure the stability of the broader financial system.