‘Deeply Concerned’—Fed Issues Serious $120 Billion Crypto Warning As Price ‘Death Cross’ Looms For Bitcoin And Ethereum

Quote:

"If non-federally regulated stablecoins were to become a widespread means of payment and store of value, they could pose significant risks to financial stability, monetary policy and the U.S. payments system," Barr, Fed’s vice chair for supervision, said at during a fintech conference at the Federal Reserve Bank of Philadelphia, adding he's "deeply concerned"

As I’ve said before I think the biggest worry is the final one: “risks to … U.S. payments system” which in turn threatens U.S. hegemonic “stability” by reducing the power of U.S. “monetary policy” domestically and Monetary Policing internationally. There in lies the US’s laggardness in the blockchain sphere. They are trying to figure out how to maintain control over something which was specifically designed to resist state control. It’s a losing battle. The Fed should just accept it and move on.