The Fed is set to meet on May 30 to consider watering down the “Volcker Rule,” in what would be a major deregulatory move. The relaxing of the “Volcker Rule” would allow thousands of banks to make high risk profit-seeking trades with less government oversight.
If the Fed’s plans go ahead, increased systemic financial risk could well push citizens to conclude that “cryptocurrencies do a fundamentally better job as a safe depository,” Weiss analysts argue.
According to Weiss, banks are lobbying for more freedom to trade speculative assets such as derivatives, whose ownership is “extremely centralized.”
Join in on the conversation with Alex Masters Lecky when you subscribe to CRYPTONICLES.