Bill Dudley, Columnist

Crypto Is Worth Fixing. Regulators Should Get Moving

A more proactive approach could maximize the benefits of a technology that still has potential.

January 25, 2023 at 6:30 AM EST

Bill Dudley, a Bloomberg Opinion columnist, served as president of the Federal Reserve Bank of New York from 2009 to 2018. He is the chair of the Bretton Woods Committee, and has been a nonexecutive director at Swiss bank UBS since 2019.

Don’t trust, regulate.
Photographer: Stefan Wermuth/Bloomberg

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The once-burgeoning realm of crypto and decentralized finance keeps imploding, presenting policy makers with a quandary: Should they just let it burn, or step in to address its now-obvious flaws?

I’m with the second group. To maintain their credibility, and to derive the greatest benefit from blockchain technology, regulators should intervene and crack down on scams, protect investors and ensure market integrity.

Before it’s here, it’s on the Bloomberg Terminal

LEARN MORE