Many crypto asset activities pose ‘novel risks’ to banks, says Fed vice chair for supervision By Cointelegraph
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Many crypto asset activities pose ‘novel risks’ to banks, says Fed vice chair for supervisionMichael Barr, the vice chair for supervision for the United States Federal Reserve, warned banks of the potential risks of crypto-related activities, suggesting crypto service providers be subject to similar regulations as traditional financial institutions.
In written remarks prepared for an Oct. 12 speech at D.C. Fintech Week, Barr seemed to encourage banks to explore issuing tokens on distributed ledger networks, but “only in a controlled and limited manner.” The Fed vice chair for supervision suggested financial institutions engage with U.S. regulators to ensure “safe, sound, and legally permissible” activities around use cases of innovative technologies like crypto and stablecoins.
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Many crypto asset activities pose ‘novel risks’ to banks, says Fed vice chair for supervisionMichael Barr, the vice chair for supervision for the United States Federal Reserve, warned banks of the potential risks of crypto-related activities, suggesting crypto service providers be subject to similar regulations as traditional financial institutions.
In written remarks prepared for an Oct. 12 speech at D.C. Fintech Week, Barr seemed to encourage banks to explore issuing tokens on distributed ledger networks, but “only in a controlled and limited manner.” The Fed vice chair for supervision suggested financial institutions engage with U.S. regulators to ensure “safe, sound, and legally permissible” activities around use cases of innovative technologies like crypto and stablecoins.
Continue Reading on Coin Telegraph
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