The Federal Reserve Board of Governors: Banks must embrace AI and Crypto Assets, or they may be marginalized.

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On August 20, The Federal Reserve Board of Governors member Bowman stated that banks and regulators must embrace the benefits of new technologies such as artificial intelligence and Crypto Assets, or their role in the economy could be diminished.

She said in her speech: "Change is coming." She stated that ideally, regulators would allow new uses to "surge in a way that benefits the banking system." "If that’s not our approach, then we may face the risk of a declining correlation between the banking system and consumers, businesses, and the overall economy."

Bowman called on the industry to help regulators better understand blockchain and digital assets, as well as the potential of new technologies to address issues such as fraud. She also stated that she would seek to reduce regulatory scrutiny associated with reputational risks, hinting that new rules may be developed.

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SerumSquirtervip
· 08-19 19:32
The attitude changed too quickly, right?
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LowCapGemHuntervip
· 08-19 19:29
Change waits for no one, brother.
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MEVSupportGroupvip
· 08-19 19:19
Regulation must accelerate.
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