US legislators ask FED chairman Jerome Powell to support crypto innovations-regulation
US legislators ask FED chairman Jerome Powell to support crypto innovations-regulation
Several US legislators have asked the chairman of the Federal Reserve, Jerome Powell, to support innovations in cryptocurrency. "The Federal Reserve has to work to support innovations in Germany ... Our government should never thwart innovations."
Congress members ask Fed chairman Powell to support the crypto innovation
Several US congress members have a letter to Fed chairman Jerome Powell, who asked him several questions about the efforts of the Fed to regulate the cryptocurrency. The cross -party letter is from the reps. Tom Emmer, Darren Soto, Frank Lucas, Ted Budd, Ro Khanna, Glenn "GT" Thompson and Eric Swalwell signed.
Representative Emmer described:
It should be our highest priority to enable individual Americans to become everyday investors - decentralized digital assets offer this option. The Federal Reserve must work to support innovations in Germany ... Our government should never thwart innovations.
The Congressman said that his letter "emphasizes the concern about Powell's statement that the greatest argument for a digital currency issued by the Fed is that it could eliminate the need for innovations in the private sector".
In the letter it is pointed out that cryptocurrencies are subject to an "overlapping regulation by several supervisory authorities", including the Fed, the Financial Crimes Enforcement Network (Fincen), the Securities Exchange Commission (SEC) and the Commodifes Futures Trading Commission (CFTC).
Powell found that the introduction of crypto "was disabled by a lack of clarity of the supervisory authorities" and was asked which steps the Fed takes, "to coordinate with other federal supervisory authorities in the development of guidelines for digital assets such as cryptocurrencies and other critical guidelines". Topics such as custody and accounting to ensure that the United States remain a leader in financial innovations. ”
In addition, the Fed chairman was asked which steps the Fed “alone or in coordination with the regional Federal Reserve Banks” was asked to provide banks that want to offer their customers cryptocurrencies or other digital asset custody.
The chairman Powell was further asked when the Fed plans to publish the discussion paper about the design of a digital currency of the US Central Bank (CBDC) and whether he believes that a CBDC would make cryptocurrencies and its applications-"From the decentralized identity to decentralized file storage"-Obsolet.
The legislator's letter to Powell concludes with a request:
We thank you for your quick answer by October 15, 2021 at the latest on the questions listed in this letter.
POWELL said in July before the Financial Service Committee of the House of Representatives. that" you would not need to be stablecoins, You would not need cryptocurrencies if you had a digital US currency. ” He recently admitted that he had wronged and the word cryptocurrencies should be left out of the explanation. He said rep. Budd last week that he to prove no intention or the use of Restrict cryptocurrencies.
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