Federal Reserve's Michael Barr Advocates for Stricter Stablecoin Regulations

Federal Reserve's Michael Barr Advocates for Stricter Stablecoin Regulations



Michael Barr, the Federal Reserve's Vice Chair of Supervision, emphasized the need for robust stablecoin regulations within the United States aimed at investor protection and establishing safeguards to tackle current challenges.



During his address at the 7th Annual D.C. Fintech Week, Barr highlighted the significant attention that stakeholders are paying to the development of a regulatory framework for stablecoins, which are cryptocurrencies tied to the value of fiat currencies like the U.S. dollar.



Barr remarked that these digital assets leverage the credibility of the Federal Reserve and underscored that private currencies must be subject to stringent regulation. This would enable the Federal Reserve to effectively implement policies and sanction those issuers who comply.



He further mentioned that it is the responsibility of


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