According to CoinDesk, Federal Reserve Vice Chairman Lael Brainard said that the cryptocurrency market carries similar risks to traditional finance, but new regulations are needed for situations not covered by existing laws. In addition, she also reiterated the risks of stablecoins, and predicted that the private sector will create more stablecoins in the future, which makes people question whether the central bank should issue its own central bank digital currency (CBDC). One of the biggest areas, of course, is that these risks can easily spill over into major core financial systems due to the workability of stablecoins.” Foresight News noted that Lael Brainard is currently the No. 2 figure in the Federal Reserve and is responsible for leading the Federal Reserve’s exploration of a digital dollar. She has previously stated that the encryption industry needs to meet the same security standards as traditional finance to prevent it from becoming a threat to the broader financial system. .