Fed governor explains who needs crypto regulation and why demand for it is growing
Regulation is needed to open the crypto ecosystem to a larger public, United States Federal Reserve Board Governor Christopher Waller told an audience at the SNB-CIF Conference on Cryptoassets and Financial Innovation in Zurich, Switzerland. Financial intermediaries can help manage risk for new crypto users, but cannot eliminate it, Waller said, and new and fast-growing financial products need public confidence to survive.
The banking official used historical examples to show the relationship between technical innovation, regulation and the amassing of fortunes. “New technology — and a lack of clear rules — meant some new fortunes were made, even as others were lost,” Waller said.