10/18, 11:46 AM (Source: TeleTrader)
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Crypto market cap rose tenfold in 18 months - Fed's Quarles

The market capitalization of cryptoassets increased more than tenfold in the past year and a half, Federal Reserve Board of Governors member and former vice-chair for supervision, Randal Quarles, said on Monday.

Speaking at the Third Conference on Financial Stability in Madrid, Quarles warned that "regulation, supervision, and oversight" of both cryptocurrencies and stablecoins is necessary in order to prevent those products from becoming "systemic problems" if they "fall between the regulatory cracks."

"Are these digital assets currencies? Or securities? Deposits? They don't fit neatly into our regulatory buckets, and they operate in the digital ether where they can easily cross national borders," Quarles concluded.

Baha Breaking the News (BBN) / BU