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Fed Vice Chair Brainard stresses the need to regulate crypto

By Yashasvini Razdan - Jul 08, 2022, 04:16 PM ET
Last Updated - Mar 11, 2024, 02:49 PM EDT
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Federal Reserve Vice Chair Lael Brainard said that the cryptocurrency industry needs to be regulated else the industry could become a broader danger to the financial system

Regulatory guardrails will help build a resilient crypto financial system

• Regulatory guardrails will help build a resilient crypto financial system

Federal Reserve Vice Chair Lael Brainard said that the cryptocurrency industry needs to be regulated else the industry could become a broader danger to the financial system.

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“It is important that the foundations for sound regulation of the crypto-financial system be established now before the crypto ecosystem becomes so large or interconnected that it might pose risks to the stability of the broader financial system,” she said in a speech at a Bank of England conference in London.

“Recent volatility has exposed serious vulnerabilities in the crypto-financial system,” she added, referring to the slump in the crypto market and the collapse of major "stablecoin" TerraUSD.

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