The Federal Reserve announced on Thursday that it's putting together a “specialized team of experts” to supervise the crypto sector. The Fed has released guidance and policy statements in release months about digital assets along with the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency. Michael Barr, the central bank’s vice chairman for supervision, said that large-scale adoption of stablecoins, which he described as “unregulated private money subject to classic forms of run risk” – could threaten the wider financial system.
