Vice Chairman of the Federal Reserve Supervision: The Federal Reserve is cooperating with the Office of the Comptroller of the Currency and others on encryption regulation to protect customers and financial institutions

Speaking at DC Fintech Week, Federal Reserve Vice Chairman for Supervision Michael Barr said that crypto asset-related activities require oversight and safeguards to ensure that crypto service providers are similarly regulated to other financial service providers. The Federal Reserve is working with colleagues from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to ensure that crypto asset-related activities that banks may engage in are well regulated to protect customers and financial institutions. Alternatively, stablecoins may pose risks to financial stability, and the Fed is also working with other regulators on this front.