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MNI BRIEF: Powell-Policy Normalization Revealed Gaps In Crypto

(MNI) WASHINGTON

Rising interest rates did not cause the recent crypto crash but simply helped uncover weaknesses in the system of so-called decentralized finance, Federal Reserve Chair Jerome Powell said on Tuesday in remarks that did directly not touch on the outlook for monetary policy or the economy.

Rising interest rates did not cause the recent crypto crash but simply helped uncover weaknesses in the system of so-called decentralized finance, Federal Reserve Chair Jerome Powell said on Tuesday in remarks that did directly not touch on the outlook for monetary policy or the economy.

“The monetary policy normalization that we’re seeing all over the world, all it did was reveal what we long pointed out were significant structural issues in the DeFi ecosystem and conflicts of interest,” Powell told a conference sponsored by the Banque de France.

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Rising interest rates did not cause the recent crypto crash but simply helped uncover weaknesses in the system of so-called decentralized finance, Federal Reserve Chair Jerome Powell said on Tuesday in remarks that did directly not touch on the outlook for monetary policy or the economy.

“The monetary policy normalization that we’re seeing all over the world, all it did was reveal what we long pointed out were significant structural issues in the DeFi ecosystem and conflicts of interest,” Powell told a conference sponsored by the Banque de France.

Keep reading...Show less