According to Cointelegraph, Fed Governor Lael Brainard highlighted the risks that cryptocurrencies still have. Brainard cited an academic study earlier this year saying that Bitcoin still has a large number of malicious users. She told the audience that "only one-third of the most popular exchanges need authentication and proof of address to make deposits and withdrawals. This is disturbing because many studies have concluded that cryptocurrencies support a large number of illegal activities." Brainard also said that up to 50% of Bitcoin transactions are illegal in some way.