Fed’s Brainard Calls for Sound Regulation of Crypto Financial System to Be Es...
Federal Reserve Vice Chair Lael Brainard has stressed the importance of establishing sound regulation for the crypto financial system “now before the crypto ecosystem becomes so large or interconnected that it might pose risks to the stability of the broader financial system.” Fed Vice Chair Brainard on Crypto Regulation Lael Brainard, the vice chair of the Board of the Federal Reserve Governors, talked about crypto regulation and decentralized finance (defi) Friday at a Bank of England conference in London. She began by referencing recent volatility in the crypto market,....
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The Fed vice chair told the House Financial Services Committee that a CBDC offers stability, interoperability in increasingly complex economic system. United States Federal Reserve vice chair Lael Brainard submitted a written statement in advance to the Financial Services Committee's virtual hearing, "On the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC)," that took place Thursday. That was a sound strategic move, considering that more than 25 legislators lined up to ask questions. Brainard’s appearance before the committee came just after the close of the comment period....
Brainard says if crypto remains unregulated as it is integrated into the larger financial system, it will bring risks of instability of the type currently being seen. Regulate now or regret it later, United States Federal Reserve Board vice chairperson Lael Brainard told an audience at a Bank of England conference in London on Friday. Crypto has the same basic risks as tradition finance and needs “strong guardrails,” Brainard claimed, pointing to the recent downturn in market as proof. Brainard spoke the most general terms throughout her speech. She highlighted recent performance issues in....
US Federal Reserve Board of Governors member Lael Brainard issued new remarks this week on the potential of blockchain technology and distributed ledgers to impact the US financial markets. In remarks given at a blockchain roundtable held by the Institute of International Finance (IIF), Brainard praised the emerging technology while cautioning that the financial industry should be careful not to undermine confidence in the world’s financial markets through its attempts to investigate its potential. Brainard further offered encouragement and words of caution to regulators, who she stated....
The Federal Reserve (Fed) Vice Chair Lael Brainard was part of an event to test their upcoming instant payment system, called FedNow. The new payment solution is set for deployment between May and July 2023, as the government official confirmed. Related Reading: Charles Hoskinson Announces New Timeline For Cardano Hard Fork, Price Pump Incoming? Brainard […]
“A U.S. CBDC may be one ... way to ensure that people ... can ... rely on ... U.S. currency to ... conduct business," said Brainard. Lael Brainard, a member of the Federal Reserve’s Board of Governors, encouraged the United States to be a leader in research and policy regarding central bank digital currencies, or CBDCs, due to potential international developments.In remarks prepared for the U.S Monetary Policy Forum in New York on Friday, Brainard said the People's Bank of China’s pilot program for its digital yuan could have implications on the dollar’s dominance in cross-border payments....