The former chairperson of the FDIC, a US federal government agency that provides insurance to bank deposits, has suggested regulation of activities surrounding cryptocurrencies instead of a blanket ban enforced by the likes of China on crypto markets. The high-profile former official said bitcoin is similar to US dollars in lacking an "intrinsic value".

In a wide-ranging interview with Barrons, Bair was quoted as stating:

"I don't think we should ban it – the green bills in your pocket don't have an intrinsic value, either. The value is based on what others think is its value. That's true of any currency."

Bair has expressed similar opinions on cryptocurrencies in the past, arguing that the value of 'money' since the dawn of commerce has depended "more on psychology than physical attributes".