Former New York Fed Chairman: Trump administration should establish a set of laws and regulations to ensure the safe development and operation of the cryptocurrency industry

Odaily Planet Daily News: Former New York Federal Reserve Chairman Bill Dudley said that if the Trump administration really wants to support the emerging cryptocurrency industry, it should establish a set of laws and regulations to enable it to develop and operate safely. For example, ensuring that stablecoins are fully supported by Federal Reserve deposits or short-term Treasury bills. Define through legislation whether tokens are currency or securities, and who will regulate them. Develop rules to protect consumers and prohibit their use for criminal activities such as terrorism financing or illegal drug sales. Encryption technology has the potential to improve the financial system - for example, making it easier and more cost-effective for people to trade financial assets, or making it easier for immigrants to send money back home. However, without strong safeguards, fraud and abuse will continue to exist, which will undermine the trust required to establish such benefits. (Golden Ten)