Federal Reserve Governor Reinforces US Regulators’ Preference for Keeping Crypto Apart From Banks

“I am supportive of prudent innovation within the monetary system, whereas on the similar time involved about banks partaking in actions that current a heightened danger of fraud and scams, authorized uncertainties, and the prevalence of inaccurate and deceptive monetary disclosures,” he mentioned. A financial institution that wishes to contain itself in crypto “must be very clear in regards to the prospects’ enterprise fashions, risk-management techniques and company governance buildings to make sure that the financial institution is just not left holding the bag if there’s a crypto meltdown.”