Former FDIC chairperson: Cryptocurrencies shouldn't be outlawed

posted about 1 year ago
The former chairperson of the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits in the U.S., says that cryptocurrencies shouldn't be outlawed.

According to a new interview published by Barron's, Sheila Bair suggested that while bitcoin and other cryptos lack an "intrinsic value," so do currencies such as the U.S. dollar.

"I don't think we should ban it - the green bills in your pocket don't have an intrinsic value, either," she was quoted as saying.

"Let the market figure out what it's worth," she told the publication. "That is what it is doing now."

That said, Bair didn't say that regulators should take an entirely hands-off approach. Officials, she indicated, should push for "good disclosure, education, warding off fraud, and making sure it is not being used for illicit activities."
Tags: bitcoin, opinion