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What Biden's Fed nominations could mean for crypto

Yahoo Finance Video

Yahoo Finance's Jennifer Schonberger details how President Biden's most recent Fed nominations, particularly Sarah Bloom Raskin, may stand on regulating cryptocurrencies and stablecoins.

Video transcript

- I'm going to jump in and switch gears a little bit. President Biden just nominated Sarah Bloom Raskin for Vice Chair of Supervision, big regulatory role tied to banking. What implications, if any, do you think that has on crypto?

JENNIFER SCHONBERGER: Hey there, Karina. Yeah, the Vice Chair of Supervision for the Fed is going to play a leading role in formulating regulations for crypto. And we knew that Sarah Bloom Raskin is a bit more progressive, and so would likely take a stricter stance on formulating those crypto regulations. We do know that the Biden administration has recommended that stablecoins, which is what regulators are focused on mostly right now, should only be issued by banks. So if Sarah Bloom Raskin is, indeed, confirmed by the Senate, she could look at levying bank-like regulations on stablecoins.

- All right, Jennifer Schonberger. Thanks so much.