2018-6-22 02:29 |
Sheila Bair, a former chairperson of the Federal Deposit Insurance Corporation (FDIC), believes the U.S. should create a wholly new regulatory framework for cryptocurrencies.
She went on to explain:
“We are trying to jam crypto trading into state money transmission laws, it just doesn’t work.
I think at some point, we will need a federal framework to have some type of regulatory oversight of exchanges established to trade crypto assets.
They may also be securities, if there are [initial coin offerings] being used to raise equity, they need to regulate it.”
Bair declared that she “welcome[s] regulation” of the cryptocurrency space, advocating for action that takes place sooner than later.
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