| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3668 Registered: 05-2011 Rating: N/A |
Crypto Made the Agenda at Last Month’s Fed Meeting “Some participants cited various potential risks to financial stability including the risks associated with expanded use of cryptocurrencies,” according to minutes of the July 27-28 meeting of the Federal Open Market Committee (FOMC). The officials noted the “fragility and lack of transparency associated with stablecoins, the importance of monitoring them closely, and the need to develop an appropriate regulatory framework to address any risks to financial stability associated with such products,” according to the minutes. “There’s increasing evidence that [stablecoins] are material players in the commercial paper market and operating like unregulated money market funds – which aren’t even stable themselves,” Steven Kelly, a research associate at the Yale Program on Financial Stability, an initiative focused on understanding financial crises, |