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The proliferation of scams, information leaks and synthetic identity fraud is presenting a major challenge to the online financial services industry, federal regulators said.
So-called pass-through coverage would insure the holders of these tokens against losses up to $250,000 if the bank holding the collateral were to fail.
"Prior to this meeting, Vice Chair Quarles, Chair McWilliams and I had talked about potentially putting together an interagency policy sprint team just on crypto because of exactly the concerns you've described," Hsu said.
Last year, Federal Reserve Governor Lael Brainard announced the Boston branch of the U.S. central bank was exploring a digital dollar. She’ll be speaking next week at Consensus.