THELOGICALINDIAN - Several US assembly accept alleged on Federal Reserve Chairman Jerome Powell to abutment cryptocurrency addition The Federal Reserve charge assignment to abutment calm addition Our government should never be in the business of disappointment innovation
Members of Congress Urge Fed Chair Powell to Support Crypto Innovation
Several U.S. Congress associates accept beatific a letter to Fed Chair Jerome Powell allurement him several questions apropos the Fed’s accomplishment on cryptocurrency regulation. The bipartisan letter is active by Reps. Tom Emmer, Darren Soto, Frank Lucas, Ted Budd, Ro Khanna, Glenn “GT” Thompson, and Eric Swalwell.
Rep. Emmer described:
The agent explained that his letter “highlights affair with Powell’s account that the better acknowledging altercation for a Fed-issued agenda bill is that it could annihilate the charge for clandestine area innovation.”
The letter credibility out that cryptocurrencies are accountable to “overlapping adjustment from assorted regulators,” including the Fed, the Financial Crimes Enforcement Network (FinCEN), the Securities Exchange Commission (SEC), and the Commodities Futures Trading Commission (CFTC).
Noting that crypto acceptance has been “hobbled by a abridgement of regulator clarity,” Powell was asked what accomplish the Fed is demography “to alike with added federal regulators on the development of action advice for agenda assets such as cryptocurrencies, and added analytical accompanying action issues such as aegis and accounting, to ensure the United States charcoal a baton in banking innovation.”
In addition, the Fed armchair was asked what accomplish the Fed is demography “on its own or in allocation with bounded Federal Reserve Banks to accommodate authoritative accuracy to banks that ambition to action cryptocurrency or added agenda asset aegis to their customers.”
Chairman Powell was added questioned back the Fed affairs to absolution the altercation cardboard on the architecture of a U.S. axial coffer agenda bill (CBDC) and whether he believes a CBDC would accomplish cryptocurrencies and their applications — “from decentralized character to decentralized book storage” — obsolete.
The lawmakers’ letter to Powell concludes with a request:
Powell testified afore the House Financial Services Committee in July, stating that “you wouldn’t charge stablecoins, you wouldn’t charge cryptocurrencies if you had a agenda U.S. currency.” He afresh accepted that he misspoke and the chat cryptocurrencies should be bare from the statement. He told Rep. Budd aftermost anniversary that he has no ambition to ban or absolute the use of cryptocurrencies.
What do you anticipate about U.S. assembly advancement Fed Chair Powell to abutment crypto innovation? Let us apperceive in the comments area below.
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