Fed Vice Chair Lael Brainard has said the digital currency market has grown significantly over the past few years and as a result, it has become necessary to introduce legislation for this area as soon as possible.
The recent exacerbation of volatility in the cryptosphere and the fall in the value of digital currencies are factors that are forcing the US government and Congress to step up work to legalize this part of the economy.
Lael Brainard has expressed her point of view during a speech in the Committee on Financial Services of the House of Representatives. The collapse of the algorithmic stablecoin UST, as well as the fall of Tether, has shocked the entire market.
According to her, this would not have happened if the authorities had developed a regulatory framework and ensured transparency in transactions with such assets.