Banks Rightly Push Back On Oversimplified Crypto Reg Propsoals
Banks To Crypto Regulators: “We find the proposals to be so overly conservative and simplistic that they would preclude bank involvement in crypto asset markets.”
Yahoo Finance Fed and banking reporter Brian Cheung has an important piece out this week on crypto regs for banks. It gets to the delicate balance between financial market innovation and regulation. Specifically, banks are pushing back on oversimplified crypto reg proposals, and they’re right.
Financial regulation is meant to protect the system as a whole as well as consumers. Viewing financial regs through a consumer lens can help make the point, which is this: Consumers very much expect digital finance, and done right, blockchain will make for a safer consumer and financial system.
This kind of debate between market participants and regulators is both critical and healthy.
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Reference:
– Banks Rightly Push Back On Oversimplified Crypto Reg Propsoals