Politics May 12

WATCH: Yellen calls for new regulations amid Crypto decline

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.

The U.S. government would be given broad new powers to shrink financial firms deemed "too big to fail" and shift the cost of rescuing troubled companies from taxpayers to other large firms, according to draft legislation released Tuesday.