Federal Reserve Chairman Jerome Powell has outlined several risks related to crypto activities during a hearing before the Senate Committee on Banking, Logement, and Urban Affairs. While stating that the Fed sees turmoil, fraud, a lack of transparency, and run risk in the crypto space, il a souligné: “We don’t want regulation to stifle innovation.”
Contenu
Fed Chairman Outlines Risks in Crypto Activities
Federal Reserve Chairman Jerome Powell answered some cryptocurrency questions before the Senate Committee on Banking, Logement, and Urban Affairs on Tuesday. During the hearing, Senator Sherrod Brown (D-OH), the committee’s chairman, asked Powell about the risks posed by crypto assets and how the Fed is evaluating the risks of crypto-related activities by its supervised institutions.
“We’ve been quite active in this area,” Powell replied. “We believe innovation is very important over time to the economy. We don’t want to stifle innovation, we don’t want regulation to stifle innovation in a way that just favors incumbents, that kind of thing.” The Fed chair added:
We are watching what’s been happening in the crypto space. What we see is quite a lot of turmoil, we see fraud, we see a lack of transparency, we see run risk — lots and lots of things like that.
“So what we’ve been doing is making sure that the regulated financial institutions that we supervise and regulate are careful, are taking great care in the ways that they engage with the whole crypto space,” the Fed chairman continued.
Powell noted that the Federal Reserve has issued several joint notices with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), warning banks and regulated financial institutions about cryptocurrency risks.
In February, la Fed, FDIC, and OCC jointly warned about crypto’s liquidity risks. In January, the three regulators cautioned: “Banking organizations should ensure appropriate risk management, including board oversight, Stratégies, procedures, risk assessments, controls, gates and guardrails, and monitoring, to effectively identify and manage risks.”
What do you think about the statements by Federal Reserve Chairman Jerome Powell about cryptocurrencies? Faites-nous savoir dans la section commentaires ci-dessous.
Crédits image: Shutterstock, Pixabay, Wiki Commons
Avertissement: Cet article est à titre informatif seulement. Il ne s'agit pas d'une offre directe ou d'une sollicitation d'offre d'achat ou de vente, ou une recommandation ou une approbation de tout produit, prestations de service, ou des entreprises. Bitcoin-Tidings.com ne fournit pas d'investissement, impôt, légal, ou conseil comptable. Ni la société ni l'auteur ne sont responsables, directement ou indirectement, pour tout dommage ou perte causé ou prétendument causé par ou en relation avec l'utilisation ou la confiance accordée à tout contenu, biens ou services mentionnés dans cet article.
Lire avertissement