Most American politicians and officials believe that the cryptocurrency market needs to be regulated. Moreover, some of them are in favor of the most strict control over the industry and the speedy implementation of the regulatory framework. Former adviser to the head of Ripple Labs, Michael Barr, who is now on the leadership of the Federal Reserve, calls for the legalization of the digital currency market.
In his opinion, legislation for the cryptosphere can be based on banking legislation already in force in the United States. It is tedious to pay special attention to the control of stablecoins. The main feature of such instruments is that almost all of them are pegged to the US currency.
In addition, Barr spoke in favor of developing a digital dollar. The Fed will be able to maintain control over the state’s financial sector only if it ensures the transparency of transactions with digital assets and the safety of investors.
