The Financial Stability Oversight Council, a federal panel responsible for monitoring financial system risks, warned on Monday of the risks to the market if digital assets remain unregulated. Concerns about the volatility in the crypto markets have been more prevalent in recent months since crashes in crypto prices have led to bankruptcies, consolidations, and layoffs in the industry. The council, led by the Treasury Department, was created after the 2008 financial crisis to help identify and mitigate threats to the financial system and released its first major report on cryptocurrencies on Monday.