Cryptocurrencies
Unfettered Fintech, Crypto Taking Banks’ Turf, Ex-Comptroller Says
- Former OCC head warns digital asset firms are threat to banks
- Banks should be more aggressive in crypto, Eugene Ludwig says
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Fintech and cryptocurrency firms competing with banks but subject to fewer regulations are “getting away with murder,” said Eugene Ludwig, a former Comptroller under the Bill Clinton administration.
These new types of companies that take deposits and provide lending without proper oversight could be the reason for the next recession, Ludwig said during a Tuesday panel at the Clearing House and Bank Policy Institute’s annual conference in New York.