I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism. From my time at the Fed, I know the crucial role your institutions play in combating crimes like these. The private sector invests enormous resources, finding ways to stop bad actors from misusing existing technologies. You also develop new ones.

The Federal Reserve simply does not have authority to supervise or regulate Bitcoin in any way.

I think it could result in faster, safer and cheaper payments, which I think are important goals.

[Blockchain] is a very important, new technology that could have implications for the way in which transactions are handled throughout the financial system.

It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.

It is not a stable store of value and it doesn’t constitute legal tender. It is a highly speculative asset.

I will just say outright I am not a fan, and let me tell you why. I know there are hundreds of cryptocurrencies and maybe something is coming down the line that is more appealing but I think first of...