Fed Vice Chair for Supervision Michael Barr on Thursday said the Fed's recent moves to safeguard banks from crypto isn't anti-innovation.
The Federal Reserve’s top bank regulator on Thursday tried to send something of an olive branch to the crypto industry.
The... The Federal Reserve’s top bank regulator on Thursday tried to send something of an olive branch to the crypto industry. The key point is that innovation must be balanced with guardrails, Barr said, in a talk at the Peterson Institute for International Economics.“The Fed is using various channels to send a message to crypto firms and banks: Stay away from each other,” said Ian Katz, managing director of Capital Alpha Partners, in a recent note to clients.
In his speech, Barr said that the Fed has not lost sight of the “potential transformative effect” that these technologies could have on the financial sysgtem.The technology underlying crypto assets could bring new functionality or efficiencies to payment systems, he said.
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