The post US Fed Issues Warning to Banks on Crypto Liquidity Risks appeared first on Coinpedia Fintech News
Cryptocurrency regulatory scrutiny from United States financial authorities has increased recently, fueled by the Terra Luna UST and FTX collapse last year. With the motive of widening the use of the United States dollar as the global reserve currency, the respective agencies have widened the regulatory net to stablecoins and the crypto-staking sector.
This is evident by the fact that Binance-backed BUSD has already been hit by the regulatory wave and will no longer be minted. Additionally, the Kraken cryptocurrency exchange has had to cease offering its crypto staking program after the SEC deemed it unregistered security.
Coinbase Global Inc CEO Brian Armstrong has condemned the U.S. agencies’ crypto crackdown noting that the industry will shift overseas, where regulations are much friendlier.
America risks losing it’s status as a financial hub long term, with no clear regs o
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