Federal Reserve (Fed) Vice Chairman Lael Brainard has called for the infrastructure in the cryptocurrency sector to be strengthened with regulations.
Fed Vice Chairman, during his speech in London today, “The recent volatility has exposed some serious weaknesses in the crypto financial system.” said.
Due to market activity “many crypto investors are making losses” said Brainard as the Fed “They follow these developments closely” added.
Stating that crypto currency trading and lending platforms carry out activities similar to those in the traditional financial sector, Brainard said that these platforms not regulated as much as in the traditional financial system. and crypto industry increasing security measures stated it should.
According to the Fed Vice Chairman, more crypto developers and investors “To be able to establish a solid financial infrastructure” For some regulation dimension “taking strong measures” needs.