The governor of the US Federal Reserve, Randal Quarles, stated in a letter to the G20 financial authorities that they are working to increase the “pace” of formulating necessary crypto regulations. Quarles is also the chairman of the Financial Stability Board (FSB). He stated that they are “resolved” to hasten the development of “supervisory responses to these new instruments.” US Crypto Regulations Many world leaders believe that the astonishingly high rate of development of the crypto industry might tip the balance of the current global financial system. The main belief is that the presence of cryptocurrencies, especially stablecoins, could reduce
