In this report, we build on our initial assessment of FSOC’s conclusion that cryptoassets now pose systemic risk and the Council’s recommendations about what should be done to curtail it. Unsurprisingly, the FSOC report reiterates Treasury’s conclusion that cryptoassets have few, if any, natural uses (see Client Report CBDC14), characterizing this asset class as largely speculative and/or focused on benefiting insiders. Specific recommendations are detailed in this FedFin report, with FSOC focusing as much on inter-agency cooperation…
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