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

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“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.”

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