In a speech at the Peterson Institute for International Economics on Thursday, Michael S. Barr, vice chair for supervision at the Federal Reserve, called for responsible regulation of the crypto industry to protect innovation while ensuring proper guardrails are in place.
The already volatile industry has had a pronounced period of uncertainty, exacerbated by the collapse of Sam Bankman-Fried's FTX in November. The ensuing contagion has thrown firms into turmoil and toppled others, including the California-based bank Silvergate, which announced on Wednesday it would begin to wind down operations.
