Federal Reserve governor Michelle W. Bowman has expressed concern about the lack of clear regulations regarding crypto assets, stating that this poses a risk to financial institutions. Speaking in Austria, she highlighted a supervisory gap in how regulators oversee new banking ventures, including those related to the crypto space. According to Bowman, the uncertainty surrounding policies involving digital assets is leaving banks in a “perilous position.” She emphasized the need for attention to be given to the current approach to supervising novel banking activities, as there is substantial uncertainty around their permissibility and supervisory expectations. Bowman warned that if regulators fail to address this issue, banks may suffer significant consequences while navigating higher interest rates and meeting the financial needs of their customers. Furthermore, she argued that the lack of a clear regulatory framework for digital assets disadvantages investors who have already entered the market.
Continue reading on Dailyhodl.com
By
By
By
By
By