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According to Federal Reserve Chair Jerome Powell on Tuesday, adequate rules are needed to provide a fair playing field and safeguard consumers when it comes to digital financial assets.

Powell said this at a panel discussion on digital finance hosted by the Banque de France on the "quite serious structural challenges surrounding the lack of transparency" inside the decentralized financial ecosystem.

"We must exercise extreme caution in how crypto operations are conducted inside the legal framework...

There is a definite need for more proper regulation so that it is in place as decentralized finance grows and begins to affect more and more retail consumers.

wherever they occur, they need "same risk, same control."

Stablecoins, which aim to tie their value to a traditional currency like the US dollar, are distinct from unbacked crypto assets, he said, but they still need to be closely monitored.

"There definitely has to be a government role if you're going to have private money creation throughout the nation. We strongly believe the Fed should play that role. Right now, it is our main priority, Powell added.

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