Fed's Brainard says crypto needs regulation now before it becomes so big that it threatens financial system
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Federal Reserve Vice Chair Lael Brainard spoke at a Bank of England conference in London. The lack of regulation guidelines has been a confusing and troublesome issue for the crypto industry. U.S. regulators continue to flick at the industry's potential, growth and reach, as well as the potential consequences of not having a clear framework for it. Brainard's comments come a month after Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced legislation to create a regulatory framework for crypto that would empower the Commodity Futures Trading Commission to regulate most of the industry. The price of bitcoin is currently about 70% below its November all-time high of $68,982.20 Source