Federal Reserve Governor Says Bitcoin, Crypto Regulation Is For “The Rest Of Us”

  • Federal Reserve Board of Governors member Christopher Waller recently explained regulating bitcoin and cryptocurrency markets is to “protect the rest of us.”
  • The board member explains that fear of unstable markets for new investors inherently weakens the ecosystem as users look to socialize losses.
  • The governor said the space is evolving from assets like bitcoin “meant to provide an alternative means of payment,” to risky financial exposure.

Christopher Waller, a member of the Federal Reserve Board of Governors, said regulation of bitcoin and the broader cryptocurrency market is not to protect experienced investors in the space, rather “it’s how to protect the rest of us.”

the crash of the UST stablecoin.

In concluding his thoughts, Waller stated:

“If we want to allow broad access to the crypto ecosystem, then the question isn’t about what experienced users of that ecosystem want—it’s about what the rest of the public needs to have confidence in the ecosystem’s safety, and for better or worse, you can’t program confidence.”

Waller made the comments at a virtual event cc-hosted by the Swiss National Bank (SNB) and Center for Innovative Finance (CIF) at the SNB-CIF Conference on Cryptoassets and Financial Innovation.

Source