Эйфория криптовалют уходит: ФРС предупреждает о рисках и неопределенности Translation: Cryptocurrency euphoria fades: Fed warns of risks and uncertainty

The enthusiasm surrounding cryptocurrencies that began after Donald Trump’s victory in the U.S. presidential elections is gradually «diminishing.» This was stated by Christopher Waller, a member of the Board of Governors of the Federal Reserve System (Fed).

During Trump’s administration, many participants in the traditional finance (TradFi) market increased their holdings in digital assets, which contributed to their growth, the official noted. However, the Congress’s inability to swiftly pass a bill regarding the cryptocurrency market structure «scared people off,» as it created significant uncertainty.

«The hype primarily came from the financial sector. Then a major sell-off occurred simply because traditional firms had to adjust their risk positions,» Waller clarified.

The Fed member views the recent decline as «part of the game.» He advised those not ready to accept risks to «stay away» from crypto trading:

«You enter, you make money, you can lose money — that’s the nature of the beast.»

Waller also mentioned that the Federal Reserve will introduce «payment accounts» over the next year, aimed at simplifying access for fintech companies and cryptocurrency firms to central bank systems.

According to the official, these payment accounts «will foster innovation while ensuring the safety of the monetary system.» Last week, the Fed completed its review of feedback on this proposal.

As a result, the tool for crypto firms has been labeled as «stripped-down.» Such accounts will offer fewer privileges compared to those available to major banks, depriving companies of the ability to earn interest and imposing limits on fund amounts.

It should be noted that on January 30, Trump announced his nomination of Kevin Warsh for the position of the next Fed chair after Jerome Powell, whose term ends in May.