“Within the decentralized finance ecosystem there are these very significant structural issues around the lack of transparency,” Powell said.
Jerome Powell also noted that stablecoins or other pegged-value coins differ from unbacked crypto and must be monitored strictly. These coins could affect the entire economy as they are based on the US dollar and other main conventional fiat currencies.
FED chair concerns force those policymakers to impose regulations in the wake of a recent crypto crash like the TerraUSD (UST) stablecoin collapse, which could cause tremendous impacts on investors around the world.
“We need to be very careful about how crypto activities are taken within the regulatory perimeter…there’s a real need for more appropriate regulation so that as decentralized finance expands and starts to touch more and more retail customers, appropriate regulation is in place…they need ‘same risk, same regulation’ wherever they take place.” He added in this panel discussion.
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