Fed’s Barr Sees Stability Risk in Private Crypto Stablecoins
- US officials are studying plans for possible digital dollar
- Federal Reserve remains committed to taming inflation
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The Federal Reserve’s top bank watchdog said crypto stablecoins could amount to private money that might be destabilizing for the US financial system if left unchecked.
“There is interest in strong, federal regulation of stablecoins that makes sure the Federal Reserve can approve, regulate and enforce against stablecoin issuers, including wallets,” Michael Barr, vice chair for supervision, told attendees Tuesday at the DC Fintech Week event.