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Fed’s Michael Barr Says Crypto Turmoil Highlights Potential Risks to Financial System
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WASHINGTON—Tumult in the cryptocurrency market represents a red flag to the broader financial system, the Federal Reserve’s top banking regulator told lawmakers Tuesday, while pressing for tougher guardrails in the wake of the rapid collapse of crypto exchange FTX.
Michael Barr, the Fed’s vice chairman for supervision, said crypto-related activities need to be regulated in a manner similar to more traditional financial-services providers. While most crypto activities are occurring outside the perimeter of traditional banking regulation, that could change over time.
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