The latest vice chair of the US Federal Reserve, which oversees Wall Street Banking, Michelle Boman A crypto speech on Tuesday This could be spoken by one of the industry’s own policy victory, advocating that banks move behind digital assets and give Fed sector rules that would not be found in the way of Crypto.
At the Vyoming Blockchain seminar, Boman warned banks that do not embrace the changes towards Crypto “would play a low role in the financial system,” and he further outlined what is already a clear change in crypto’s spirit from American banking regulators.
“Your industry has already experienced significant friction with bank regulators that implement unclear standards, conflicting guidance and inconsistent regulatory interpretations,” he said. “We need a clear, strategic regulatory framework that will allow the adoption of new technology, assuming that in some cases, implementing the existing regulatory guidance to address the emerging technology may be insufficient and unfair.”
In March, President Donald Trump nominated Boman to be elevated from a board seat, who plays the Vice Chair for supervision, and she was Sworn in About two months ago. She will capture a major role in Fed’s writing and adopt rules for Stabelin, as Mentioned by the guide and established national innovation for us (genius) WorkAnd his latest comments show how much he ties up with the President on promoting technology.
Bowman said, “Regulators should recognize the unique characteristics of these new assets and separate them from traditional financial instruments or banking products,” Boman said, advocating that the pending rules should be made in accordance with what the industry is doing and not “the worst positions”.
Addressing the asset toknarization, Boman said that it could rapidly make the transfer of ownership, reduce “famous risks” and make the process cheaper, and he said stabechoin “is” deployed to become a stability in the financial system. ”
“It is necessary that banks and regulators are open to engage in new techniques and depart from highly cautious mentality,” he said.
The Vice Chair also said that the agency should consider “the Federal Reserve Staff allowed to reduce the amount of crypto or other types of digital assets so that they can get a working understanding of the underlying functionality.”
Boman commented, “I definitely do not trust anyone to teach someone to ski, if they never put on the ski, whether they read how many books and articles they read, or even written about it,” Boman commented.
Read more: US Federal Reserve will leave the new supervision head Crypto Authority
