Christopher Waller, United States Federal Reserve Board Governor, spoke to an audience at SNB-CIF Conference on Cryptoassets and Financial Innovation, Zurich, Switzerland. He said that regulation is necessary to make the crypto market more accessible to the public. Waller explained that while financial intermediaries may help to manage the risk of new crypto users but can’t eliminate it completely, Waller noted that public confidence is essential for any new or fast-growing financial products.

Waller used historical examples as a way to illustrate the link between technological innovation, regulation and fortune-making. “New technology — and a lack of clear rules — meant some new fortunes were made, even as others were lost,” Waller .