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Turmoil in the cryptocurrency market shows possible risks for the financial system
In the recent turmoil in the cryptocurrency market, the Federal Reserve’s top Banking Regulator sees a warning for the financial system as a whole.
According to Fed Vice Chairman for Supervision Michael Barr, more regulation is needed for digital assets. Barr also mentioned that crypto firms must face rules similar to those that apply to Wall Street.
In comments posted on the Fed's website on Monday, Barr spoke of the possibility of potential systemic risk in the event of interconnections between today's crypto system and the traditional financial system. Barr also added that activities related to crypto assets require proper oversight without mentioning any firm.
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