Treasury Calls for Federal Oversight of Payment Apps

Also, Gensler gets testy on crypto; In memoriam, Senate Banking Committee Chairman Tim Johnson

As more Americans store and move money on apps, regulators in Washington are growing increasingly uneasy. One of their biggest worries is that consumers, especially young ones, don’t realize they aren’t dealing with a bank. Instead they are relying on companies that are regulated under state licensing regimes designed for the likes of Western Union. The…