The top U.S. banking regulator at the Federal Reserve is urging Congress to pass legislation that would impose regulation on crypto currencies in the wake of the swift collapse last week of FTX, a leading crypto exchange.
Michael Barr, the Fed's vice chair for supervision, said in prepared testimony released Monday that “recent events in crypto ... have highlighted the risks to investors and consumers associated with new and novel asset classes and activities when not accompanied by strong guardrails.”
