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The Fed has become more and more outspoken about regulating a major type of cryptocurrency asset that helps facilitate trades within the entire crypto ecosystem, stable coins.
There’s concern of how current stable coins are being used, if we can trust them, and fear that central banks will abuse them.. this has led the Fed to consider regulation and the possibility of creating their own cryptocurrency also known as a CBDC. A Central Bank Digital Currency.
As of now, there are no regulations for cryptocurrencies on the Federal level. The Fed is recognizing that cryptos are getting more and more popular and the longer they wait to regulate, the harder the task.
New regulations could be as small as requiring more reporting to the government or as large as outright banning cryptos all together. This is what’s making crypto holders nervous.
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*I am not a financial advisor. This is not financial advice