Cryptocurrencies

Fed’s Brainard Sees Need for Regulation Around Crypto Assets

  • TerraUSD, Tether seen underscoring need for ‘guardrails’
  • Vice chair’s testimony released ahead of Thursday hearing
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Federal Reserve Vice Chair Lael Brainard said growth in new digital assets and the recent pressure some of them have seen highlights the need for better regulatory guardrails around these instruments.

“The recent turmoil in crypto financial markets makes clear that the actions we take now -- whether on the regulatory framework or a digital dollar -- should be robust to the future evolution of the financial system,” Brainard said in testimony prepared for a House Financial Services Committee hearing on Thursday.

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Fed’s Brainard Sees Need for Regulation Around Crypto Assets