Federal Reserve Chair Jerome Powell called for better regulation of cryptocurrencies and said the fact that the industry’s shakeout failed to cause broader financial turmoil may not be the case in the future.
Global increases in interest rates exposed “significant structural issues in the DeFi ecosystem,” Powell said Tuesday during a panel discussion on digital finance hosted by the Banque de France, referring to decentralized finance. “The good news, I suppose, is that the interaction -- from a financial stability standpoint -- the interaction between the DeFi ecosystem and the traditional banking system and traditional financial system is not that large at this point.”
“That situation will not persist indefinitely,” he said via video. “There’s a real need for more appropriate regulation, so that as DeFi expands and starts to touch more retail customers and that sort of thing, so that appropriate regulation is in place.”
Powell reiterated that the Fed is still deliberating on the...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...