The Fed is putting together a special team of experts to help craft its crypto policy FederalReserve Bitcoin cryptocurrency
- Michael Barr, vice chair for supervision at the Federal Reserve, revealed on Thursday that the central bank is putting together a “specialized team of experts” to help it supervise the rapidly growing crypto sector, which continues to struggle in the wake of the events of 2022.
The Fed is now focused on creating a regulatory framework that “can serve both to encourage innovation and to support the safety and soundness of financial institutions and broader financial stability,” Barr said, adding, “Just as important is the need to protect the public from fraud and other abusive behavior.”
While the technology has many positive applications, the industry itself has caused financial pain for many inexperienced investors who didn’t understand the risks. The fact that many of these entities operate in jurisdictions with lax financial regulations only complicates matters further, “And the lack of consolidated home country supervision and coordination with host country supervisors rekindles the kind of abuses that bank regulators long ago quashed.”
“In response, we have worked with the other federal bank regulatory agencies to provide clarity and guidance on what is permissible, safe and sound, and compliant with anti-money-laundering and anti-terrorist financing laws as well as consumer and investor protections,” he said. “And we've set out our supervisory expectations for banks engaging with new product types and activities.
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