Fed board member Bowman says crypto regulation vacuum, hits traditional financial markets
Michelle Bowman, director of the Federal Reserve System (Fed), stressed at a global financial seminar in Salzburg, Austria, on the 25th (local time), "Institutional institutions need to pay attention to regulations on digital assets." "The issue of a regulatory vacuum in digital assets remains," he said. Despite some efforts to provide clear guidance, regulatory uncertainty remains. Failure to provide a more solid approach to digital assets could lead to serious problems in traditional financial markets with higher interest rates, he pointed out.
Federal Reserve Director Michelle Bowman's remarks can be interpreted as follows:
1. Emphasizing the need for digital asset regulation: Michelle Bowman stressed that institutions in each country should pay attention to regulations on digital assets. This means digital assets such as cryptocurrencies are currently facing a regulatory vacuum.
2. Regulatory vacuum issues: Bowman noted that regulatory vacuum issues for digital assets still exist. This means a lack of regulatory frameworks and clear guidance in the digital asset market.
3. Regulatory Uncertainty Warning: Bowman noted that regulatory uncertainty for digital assets remains, despite some efforts. This indicates that regulatory uncertainty may reduce the stability and predictability of the digital asset market.
4. Possibility of an impact on traditional financial markets: Bowman warned that unless a more solid digital asset regulation approach is provided, it could cause serious problems for traditional financial markets. This is a concern that the absence of regulation could result in higher interest rates being applied and negatively affecting traditional financial markets.
In summary, Bowman's remarks highlight the need for regulation on digital assets, warn of regulatory vacuums and uncertainties, and raise concerns that failure to address them could have a negative impact on traditional financial markets.
Former SEC Executive Director "Cryptocurrency Crime, Much Larger Than Existing Financial Crimes"
Former U.S. Securities and Exchange Commission (SEC) Internet executive director John Reed Stark pointed out that the scale of cryptocurrency crimes is much larger than that of existing financial crimes. He said, "Cryptocurrency and decentralized finance are investment frauds and terrible infectious diseases, and the more serious problem is that they are being used as criminal means. "The cryptocurrency regulatory vacuum is causing unprecedented dangerous crimes," he said, adding that cryptocurrency is being used for ransomware, drug trafficking, terrorist financing, human trafficking and money laundering. He added that most people who commit crimes using cryptocurrency at this point are likely not to be caught, and illegally acquired cryptocurrencies are likely not to be recovered, adding that the claim that cryptocurrency transactions are easy to track is not true
