Fed Governor on crypto: Losses can become morally intolerable, pushes for regulation
The Federal Reserve Governor Christopher Waller has warned that if crypto investors continue making losses on a large scale, the situation could become morally intolerable. According to Waller, if the losses emerge as witnessed with the Terra ecosystem, there will be demand for regulations. He, therefore, recommended action to be taken now.
Speaking during the SNB-CIF Conference on Cryptoassets and Financial Innovation in Switzerland, Waller noted that intolerance could occur, especially if investors lack sufficient knowledge and lose all their money. The Fed Governor added that better regulation for the fast-growing crypto sector is needed not to help high net worth investors from losing money but for everyone else. On the motivation to implement crypto laws, Waller stated that society has the urge to have regulations governing new and poorly understood markets.
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