The New York Legislature has approved a milestone environmental measure designed to tap the brakes on the spread of cryptocurrency mining operations that burn fossil fuels.

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The House Financial Services Committee holds a hearing Thursday on the future of digital currency.

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It's been a wild week in crypto, even by crypto standards. Bitcoin tumbled, stablecoins were anything but stable and one of the crypto industry's highest-profile companies lost a third of its market value.

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Treasury Secretary Janet Yellen, responding to the recent sharp decline in cryptocurrencies, says additional federal regulation is needed to respond to the wave of speculative investment in the currency whose secrecy is an essential part of its appeal.

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There are now thousands of cryptocurrencies, and every day it seems a new non-fungible token, or NFT, is marketed. But is “digital mania” just another historic bubble bound to burst? Our economics correspondent Paul Solman explores the digital asset boom.

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Treasury Secretary Janet Yellen says more government regulation is needed to police the proliferation of cryptocurrency and other digital assets and to ward off fraudulent and illicit transactions.

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The executive order had been widely anticipated by the finance industry and others who have compared the cryptocurrency market with the Wild West.

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The Senate Agriculture committee held a hearing Wednesday on risks, innovation and regulations in digital assets.

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The Justice Department has announced its largest-ever financial seizure — more than $3.5 billion — and the arrests of a New York couple accused of conspiring to launder billions of dollars in cryptocurrency.

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The digital currency will be able to be used in any transaction and any business will have to accept payment in Bitcoin, with the exception of those lacking the technology to do so.

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