Brainard: A regulatory foundation for cryptocurrencies needs to be established now

07/08 14:11

Federal Reserve Vice Chairman Brainard said that a sound regulatory foundation for the crypto financial system needs to be established now, and cannot wait until the cryptocurrency ecosystem becomes so large and interconnected that it could pose financial stability risks. Cryptocurrency activities need to be regulated on the principle of similar risks, similar regulatory outcomes, and new risks associated with new technologies must also be addressed. Crypto platforms are highly susceptible to deleveraging, sell-offs and sentiment contagion, and now is the time to determine what crypto activity and under what constraints are permitted by regulated entities, cryptocurrencies are not yet large enough to pose a systemic risk. The Federal Reserve closely monitors recent events in the cryptocurrency space. Central bank digital currency (CBDC) could be good for financial stability.

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