ChainCatcher Message: Mary Daly, President of the San Francisco Federal Reserve, believes that cryptocurrency should be regarded as an independent asset class, rather than being conflated with gold as is often the case.

Daly stated, "I think cryptocurrency is a complex thing, and the service we need to provide for everyone is to truly interpret what it means. Once we do that, we can define it; it can be a currency, it can be a medium of exchange, or it can be a stock, an asset that retains value or sometimes depreciates. We just need to define these terms."

Daly added, "So I don't think it is like gold; it has some characteristics similar to gold at times, but I don't think it is an asset like gold."