Fed Chair Jerome Powell and Bank of England Governor Andrew Bailey both spoke of the need for their respective regulatory authorities to 'collaborate' on rules for decentralized finance and other aspects of the crypto sector. camomileshumba reports
U.S. and U.K. regulators called for increased international collaboration to help them oversee decentralized finance and the growing crypto sector.
“I think a lot of the progress that we make along this road will depend on really high levels of international collaboration if we’re going to unlock the potential of digital assets and services,” U.S. Federal Reserve Chair Jerome Powell said at theAndrew Bailey, governor of the Bank of England, agreed that regulators have to “quickly” get a handle on DeFi and the sector’s growth.
"We have to do it together, internationally. Because if we try to do it within our own locations, we're going to fail because it will escape us and… it'll always be somewhere else,” Bailey said at the summit. The U.K. had $170 billion in value received from DeFi protocols between June 2020 and July 2021, the most in Europe at the time, according to aThe Fed is sharing its analysis on central bank digital currencies with six other central banks at the BIS, Powell said. Their discussions will cover the whole digital landscape including stablecoins, crypto assets and financial innovation.
“We are dedicated to working with our domestic and international colleagues on making sure that the payment and monetary systems evolve in a responsible way that brings about improvements while also maintaining safety, soundness and financial stability,” Powell said.
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