The Federal Reserve’s top supervisory official has called on bank regulators to pay more attention to cryptocurrencies and stablecoins. His comments followed a number of major banks announcing that they will be offering products based on cryptocurrencies, particularly bitcoin, to their clients.
Bank Regulators Should Focus More on Cryptocurrency, Says Fed Supervisor
The Federal Reserve’s vice chairman for supervision, Randal Quarles, talked about cryptocurrency last week at a conference hosted by the Options Clearing Corporation. He urged bank regulators to pay more attention to stablecoins and cryptocurrencies.
Quarles took office as a member of the Board of Governors of the Federal Reserve System in 2017 and was sworn in as Vice Chair for Supervision on Oct. 13 that year. He is also chair of the Financial Stability Board (FSB).
His comments followed several banks in the U.S., such as Morgan Stanley and Goldman Sachs, announcing that…