Fed’s Barr: Concerned about non-bank risks, including crypto, that can “bounce” on the system

Nov 15 (Reuters) – Michael Barr, the Federal Reserve’s top financial regulator, said on Tuesday he was concerned about risks to the non-banking sector, including cryptocurrencies, for which the U.S. central bank and other regulators have low visibility.

“We are concerned about risks that we ignore in the non-banking sector,” Barr said in response to a question during an appearance before the Senate Banking Committee. “That obviously includes crypto activity, but more broadly the risks in parts of the financial system where we don’t have good visibility, we don’t have good transparency, we don’t have good data. create risks that accrue to the financial system we regulate.”

Reporting by Dan Burns

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