Powell on crypto risks: We see turmoil, fraud and lack of transparency
Speaking before Congress, Fed Chair Jerome Powell discusses how the central bank plans to look at the risky cryptocurrency market and the risks posed by crypto assets, stablecoins, and other related activities.
While he acknowledges the importance of innovation for the economy, he also notes that there is a lot of turmoil, fraud, lack of transparency, and run risk in the crypto space.
Powell emphasizes the need for regulated financial institutions to take great care when engaging with the crypto space and to give prior notice to the Federal Reserve.
The Federal Reserve has issued notices along with the FDIC and O.C.C. to address these risks.
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