Federal Reserve Governor Randal Quarles: Directors should “remove” the fixed coins to avoid disrupting the reforms.

Randal Quarles made his public statement on Dec. 2 as a member of the Federal Reserve, urging regulators not to use hard currencies.

Quarles is concerned that regulations may affect innovation in digital assets, especially fixed-term. He said in a November report from the chairman of the Financial Services Commission that some of the coin's regulatory measures were stable, including "restricting the participation of individuals", donating portfolios and companies "is inappropriate.

Quarles said: "It would be a statement that the company's money should be able to control the bank, because nonprofits have the opportunity to meet our quality standards. A business is completely different."

"It is not yet clear whether the benefits of these policies will be more stringent than our demand for non-digital assets will further support it," he added.

On November 8, Quarles resigned his position at the Fed in 2017 and will remain with the Fed until December.

While working for the Federal Reserve, Quarles said government agencies should consider policy making before establishing a basis for regulating the crypto industry. Prior to the 2017 bull market, it was argued that the widespread use of cryptocurrencies could create "major financial security problems" and suggested that the government work with banks to develop solutions to digital problems.

“While the impact of digital devices may be new, administrators don't have to differentiate them because of the technology,” Quarles said in a statement Thursday.