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Fed's Brainard: We need to impose crypto rules soon

08 July 2022 18:47 (UTC +04:00)

Federal Reserve Vice Chair Lael Brainard said on Friday that the United States should start imposing new rules related to the crypto industry before the market becomes too large and starts imposing substantial risks to the economy, APA reports citing Teletrader.

Specifically, new rules should tackle investor protection issues, even though it is something that is fundamentally different from the very nature of cryptocurrencies as traditional regulation does not apply to them.

Brainard emphasized this market's vulnerability, saying it is ''the right time'' for these changes to be established "to help investors distinguish between genuine, responsible innovation and the false allure of seemingly easy returns that obscures significant risk."