In addition, it is important to be on the lookout for the possibility of new forms of risks, since many of the technological innovations underpinning the crypto ecosystem are relatively novel. Far from stifling innovation, strong regulatory guardrails will help enable investors and developers to build a resilient digital native financial infrastructure.
Strong  I am grateful to Joseph Cox and Molly Mahar of the Federal Reserve Board for their assistance in preparing this text. The views expressed here address broad principles from a financial stability perspective across the financial system and not specific regulations.