Fed's Neel Kashkari says FTX isn't 'one fraudulent company in a serious industry,' stating that the 'Entire notion of crypto is nonsense.' bitcoin
: “I’ve not seen any use case other than funding illicit activities like drugs and prostitution.”
Following the FTX meltdown, several Fed officials called for stricter cryptocurrency regulation. Federal Reserve Vice Chair Lael Brainard has stressed the importance of strong cryptocurrency oversight.
We’re concerned about the risks that we don’t know about in the non-bank sector. That includes obviously crypto activity … that can create risks that blow back to the financial system that we do regulate. While Kashkari believes that the FTX collapse is not the case of one fraudulent company in the crypto industry, some people have pointed out that the exchange meltdown is not crypto-specific. FTX and its former CEO Sam Bankman-Fried have been compared to the
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