Fed Governor Michelle Bowman warned that the lack of clarity on digital assets could have major consequences for banks navigating higher interest rates.
Moreover, the governor spoke of the risks posed by the current regulatory state, noting that without a clear regulatory framework, regulators may impose new requirements on businesses after significant investments have been made."If our role is effective supervision and regulation, we must be willing to engage in both the novel and traditional activities," she added.
Bowman joins dozens of other voices for a clear regulatory framework for digital assets. Ratings agency Moody's could turn to other crypto-friendly jurisdictions without support from U.S. lawmakers for legislation focused on digital assets.released a draft discussion offering certain crypto assets a pathway
to being labeled digital commodities. The draft bill would prohibit the U.S. Securities and Exchange Commission from denying digital asset trading platforms registration as a regulated alternative trading system and would allow such firms to offer “digital commodities and payment stablecoins.” Failure to provide a clear approach for financial institutions on novel technologies"could have significant consequences for banks navigating higher interest rates," Bowman warned.
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