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Fed's Barr: Concerned about non-bank risks, including crypto, that can 'blow back' on system

Reuters · 11/15/2022 10:49
Fed's Barr: Concerned about -bank risks, including crypto, that can 'blow back' on system

- Michael Barr, the Federal Reserve's top financial regulatory official, on Tuesday said he is concerned about risks from the sector, including cryptocurrencies, for which the U.S. central bank and other regulators have poor visibility.

"We're concerned about the risks that we don't know about in the sector," Barr said in response to a question during an appearance before the Senate Banking Committee. "That includes obviously crypto activity, but more broadly risks in parts of the financial system where we don't have good visibility, we don't have good transparency, we don't have good data. That can create risks that blow back to the financial system that we do regulate."

(Reporting By Dan Burns)