Federal Reserve Governor Waller: "Trump-led cryptocurrency frenzy has cooled… Inclusion in traditional finance is the cause of the selloff."

Chris Waller, a member of the Federal Reserve Board (Fed), stated at a conference on the 9th (local time) that the crypto market fervor that emerged following President Donald Trump's election is cooling off. According to Cointelegraph, Waller stated, "The recent selloff is primarily due to traditional financial institutions adjusting their risk positions as they enter the crypto market. Congress's failure to swiftly pass the Cryptocurrency Market Structure Bill has also increased regulatory uncertainty, dampening investor sentiment." Regarding price volatility, Waller stated, "Ups and downs are natural." He also announced that the Fed will introduce a "payment accounts" system within the year. The goal is to grant fintech and cryptocurrency companies limited access to the central bank's payment system. Unlike a standard master account, these accounts cannot earn interest and are subject to balance limits.