<p><span>Thank you, Chris, and thank you for the invitation to speak to you today about the opportunities and risks of innovation. For the purposes of our discussion today, I will be focusing on financial innovation supported by new technologies, or fintech.</span><a title="footnote 1" href="https://www.federalreserve.gov/newsevents/speech/barr20221012a.htm#fn1"><span>1</span></a><a name="f1"></a><span> In the fall of 2017, we managed to get Chris to accept an invitation to speak at a fintech conference in Ann Arbor, so it s about time that I returned the favor. Since then, we have continued to see major changes in technologies and the financial services and products they support. In looking over the materials for that conference, however, I m struck by how the key themes have remained constant over, not only the last five years, but arguably for centuries. Financial innovation has always
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As more market participants, from consumers to major financial institutions and central banks of various countries, become active in the digital asset space, the U.S. regulators are.
<p><span>Recent volatility has exposed serious vulnerabilities in the crypto financial system.</span><a title="footnote 1" href="https://www.federalreserve.gov/newsevents/speech/brainard20220708a.htm#fn1"><span>1</span></a><a name="f1"></a><span> While touted as a fundamental break from traditional finance, the crypto financial system turns out to be susceptible to the same risks that are all too familiar from traditional finance, such as leverage, settlement, opacity, and maturity and liquidity transformation. As we work to future-proof our financial stability agenda, it is important to ensure the regulatory perimeter encompasses crypto finance.</span></p>
On March 9, 2022, Bitcoin prices surged and many in the crypto community celebrated as the Biden administration announced a sweeping executive order that acknowledges the key role.