It is not a secret that centralized agencies have always been at odds with the prospect of crypto trading or anything that is even remotely associated with decentralization.
According to the governor of the Federal Reserve, cryptocurrencies continue to remain a growing concern for digital as well as conventional banking despite their consistent boom among the people.
There are several issues that remain undetected and unworked within the crypto sector, and if the Federal Reserve and other associated regulatory authorities are not going to take charge, then it might be too late to save the digital banking sector from the travesties of the crypto market.
According to the governor of the Federal Reserve, some cryptocurrencies are just too out there, to begin with, which means that these fall outside of the regulatory spectrum, and therefore any and all investment that is done by the investors, specifically these assets, is moot.
They don’t have any credible authority on their own investment, and neither are they able to bypass their losses or seek legal help from the law if the whole crypto project they have invested their money into gets tanked in the near future.
This is a bitter truth about the crypto market, but it is true nonetheless. It seems as if there is no oversight to monitor and closely overview the dealings that take place within the crypto market, nor is there a proper fence or net to abstain the investors from taking a gigantic fall at some point regarding their interaction with the market itself.
Crypto and Banking Sector
The governor of the Federal Reserve argues that the banks and other centralized regulating bodies could, for the sake of manifesting their insights and regulatory approaches, oversee the crypto market but the decentralized element of the crypto market and other crypto products out there make it almost an impossible feat.
Therefore, proper dialogue must be conducted among the bankers and the regulatory personnel so that they can come up with a proper plan to neutralize all the concerns that are presently associated with the crypto market.