Federal Reserve Regulatory Vice Chairman: The Federal Reserve takes a neutral stance on cryptocurrency and expects banks to conduct related business safely and steadily

BlockBeats News: On February 19th, FOX Business reporter Eleanor Terrett revealed in an article that outgoing Federal Reserve member Michael Barr gave a speech on bank decentralization and cryptocurrency regulation at the Council on Foreign Relations in New York this afternoon. Barr stated that the Federal Reserve is attempting to take a "neutral" stance on these issues. The expectation of the Federal Reserve is that they conduct their business in a safe and robust manner, and comply with consumer laws, anti money laundering laws, and counter-terrorism financing laws. If they do this, we have no objection. The Federal Reserve has a novel regulatory program aimed at overseeing institutions in this field to ensure that we have the expertise to execute it correctly. Some institutions are doing this, while others are doing it wrong and getting into trouble, either because of anti money laundering, bank secrecy laws, or because they cannot meet customers' liquidity needs, and then they go bankrupt. So, at least to me, this is just direct middle-level risk management and banking business. If you do it right, you can do it. If you don't do it right, then you shouldn't do it Barr also stated that he has never personally witnessed evidence of clients having their bank accounts cancelled due to political views.