“Crypto assets have grown rapidly in the last several years, both in market capitalization and in reach,” said Barr. “But recent fissures in these markets have shown that some crypto assets are rife with risks, including fraud, theft, manipulation and even exposure to money-laundering activities … Crypto asset-related activity, both outside and inside supervised banks, requires oversight that includes safeguards to ensure that crypto service providers are subject to similar regulations as other financial services providers.”
Regulators Should Use ‘Range of Options’ in Fintech, Fed’s Barr Says
