Lael Brainard, vice chair of the US Federal Reserve, has expressed concerns about the cryptocurrency markets and stated that it is crucial to lay the groundwork for sound regulation of the crypto financial system now, before the ecosystem grows so big or interconnected that it could endanger the stability of the larger financial systems.
The comments were made by Brainard during the current Bank of England conference.
According to the premise of like risk, similar regulatory outcome, the regulatory perimeter must include the crypto financial system in order to foster responsible innovation, and novel hazards linked with the new technologies must be adequately addressed, Brainard stated at the conference.
It’s crucial to remember that over the previous seven months, the price of Bitcoin has fallen by as much as 75% from its peak, and in the three months since April, it has fallen by about 60%. Most other well-known crypto-assets have fallen considerably worse over the same time span.
She added that in order to future-proof the financial stability agenda, it was crucial to make sure the regulatory perimeter included crypto finance. Recent volatility had shown severe flaws in the crypto-financial system.
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