The top regulatory official of the Federal Reserve says that while crypto assets can potentially transform the financial system, the technology still requires appropriate guardrails.
In his speech at the Peterson Institute for International Economics on Thursday, Fed Vice Chairman Michael Barr says the central bank is enhancing its supervision of crypto-related activities as recent events in the industry saw millions of people losing billions of dollars worth of investments.
“In the absence of regulatory compliance, customers don’t have the information they need to assess and mitigate their risks. Investors do not have the structural protections they have relied on for many decades. As a result, many have been victims of classic cases of fraud and abuse – some appropriately classified as ‘Ponzi schemes’ under
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