Federal Reserve Governor John Waller told a cryptocurrency conference in La Jolla, Calif., that cryptocurrencies are nothing more than a speculative asset and that financial institutions involved in the space have an additional responsibility to guard against fraud.
Know-your-customer and anti-money laundering compliance faces a critical task for banks considering engaging in crypto-asset-related activities, which must not be overlooked. “If people want to hold assets like this, go for it.
And I won’t do it. If you buy a crypto asset and at some point its price drops to zero, don’t be surprised, and don’t expect taxpayers to share your losses.