San Francisco Fed's Daly: Cryptocurrencies Are a Unique Asset Class, Not Comparable to Gold

San Francisco Federal Reserve President Mary Daly emphasizes that cryptocurrencies should be recognized as a distinct asset class rather than equated with gold. While acknowledging their complexity, Daly asserts that crypto assets lack the stability needed to function as currency and must clearly define their role—whether as a medium of exchange, speculative asset, or store of value. Her stance contrasts with Fed Chair Jerome Powell’s comparison of Bitcoin to virtual gold, though both agree cryptocurrencies do not yet qualify as money.