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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 plans to tell 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, is expected to tell lawmakers that crypto-related activities need to be regulated in a manner similar to more traditional financial services providers, according to written remarks distributed ahead of Tuesday’s hearing before the Senate Banking Committee. While most crypto activities are occurring “outside of the ambit of banking regulation,” he said, that could change over time.
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