Fed’s Bowman warns of need for crypto standards
Regulators need to create clear standards for crypto assets and trading or financial sector risk will increase, Federal Reserve board of governors member Michelle Bowman warned on March 14.
Banks involved in crypto assets could face acute traditional risks in credit, liquidity and concentration, she said. “The extreme volatility” of crypto assets create significant banking challenges, she added.
Regulators need to create “clear statutory and regulatory parameters” for crypto assets and
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