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Photographer: Akos Stiller/Bloomberg

A key member of the House Financial Services Committee wants to see lawmakers focus next year on oversight of the “muddied and fairly opaque” markets for initial coin offerings and trading digital tokens.

Representative Bill Huizenga, a Michigan Republican who could be a contender to lead the panel if his party keeps control of the House, said Congress needs to work with regulators to ensure cryptocurrency investors are protected. Agencies like the Securities and Exchange Commission or Commodity Futures Trading Commission could get power to oversee these markets with rules similar to those now governing stocks or currencies, he said.

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