3 min read

Fed Chair Jerome Powell Says Report on Digital Currencies Ready to Go in Coming Weeks

By News Desk

Federal Reserve Chairman Jerome Powell says that the central bank will be releasing a full report on digital currencies in the coming weeks.

Speaking at a hearing for his re-nomination to be Federal Reserve Board Chairman, Powell was asked by Senator Mike Crapo from Idaho about when to expect the previously mentioned report.

“The report really is ready to go and I would expect we will drop it, I hate to say it again, in the coming weeks, but it really is in a situation where it’s ready to go,” Powell said, adding the Fed digital dollar could coexist with private stablecoins.

“It was hard and we didn’t get it quite to where we needed to get it but it’s effectively there now and I will tell you it’s within weeks we will be publishing it.

And by the way, it’s more going to be an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we do take some positions.”

Powell’s hearing came on the same day that Minnesota Representative Tom Emmer ominously tweeted out a hint that new legislation would be coming out in regards to digital currencies.

While an overly regulated crypto-environment isn’t preferred by the industry, clarity in generally would likely be welcome. Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC) was criticized last week for declining to say whether or not Ethereum (ETH) was a security.

“I’m not going to speak to any one matter,” Gensler said in an interview with CNBC. “I’m the chair of a five-member commission that’s also a civil law-enforcement agency, so we don’t get involved in these types of public forums talking about any one project, one possible circumstance, and give legal advice over the airwaves.”

Gensler’s comments come after a series of rhetoric over the past year stating that many cryptocurrencies are unregistered securities, and of course the SEC’s lawsuit against Ripple Labs for allegedly issuing XRP as such.

Coinbase chief legal officer Paul Grewal also spoke up against the SEC’s lack of clarity last year when the regulator prevented the crypto exchange from releasing it’s Lend platform.

“The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.”

Newsletter Inline

Latest Posts

Bitstamp Review
Bitstamp Review 2022: Secure and Simple Cryptocurrency Exchange
Bitstamp Review

Bitstamp Review 2022: Secure and Simple Cryptocurrency Exchange

August 6, 2022 27 min read
Phemex Review
Phemex Review 2022: Secure Crypto Exchange for Serious Traders
Phemex Review

Phemex Review 2022: Secure Crypto Exchange for Serious Traders

August 2, 2022 33 min read
How to add Polygon to Metamask
Connecting the Polygon Network to Metamask
How to add Polygon to Metamask

Connecting the Polygon Network to Metamask

August 1, 2022 11 min read
bitget review
Bitget Exchange Review 2022: Growing Crypto Exchange with BIG Potential!
bitget review

Bitget Exchange Review 2022: Growing Crypto Exchange with BIG Potential!

July 29, 2022 32 min read
Shorting the market
Declining Crypto Prices: Is Shorting Crypto a Good Idea?
Shorting the market

Declining Crypto Prices: Is Shorting Crypto a Good Idea?

July 27, 2022 29 min read
How to add Binance Smart Chain to Metamask
Connecting the Binance Smart Chain to Metamask
How to add Binance Smart Chain to Metamask

Connecting the Binance Smart Chain to Metamask

July 26, 2022 10 min read
Bybit Review
Bybit Exchange Review: Dream Destination for Derivatives Trading?
Bybit Review

Bybit Exchange Review: Dream Destination for Derivatives Trading?

July 24, 2022 37 min read

Related Posts

Bitstamp Review
Bitstamp Review 2022: Secure and Simple Cryptocurrency Exchange
Bitstamp Review

Bitstamp Review 2022: Secure and Simple Cryptocurrency Exchange

August 6, 2022 27 min read
Phemex Review
Phemex Review 2022: Secure Crypto Exchange for Serious Traders
Phemex Review

Phemex Review 2022: Secure Crypto Exchange for Serious Traders

August 2, 2022 33 min read
bitget review
Bitget Exchange Review 2022: Growing Crypto Exchange with BIG Potential!
bitget review

Bitget Exchange Review 2022: Growing Crypto Exchange with BIG Potential!

July 29, 2022 32 min read
Euler Finance Review
Euler Finance Review 2022: Is Euler the Next Generation of DeFi Lending?
Euler Finance Review

Euler Finance Review 2022: Is Euler the Next Generation of DeFi Lending?

July 25th, 2022 36 min read
Top Blockchain Conferences in 2022
Crypto Conferences for 2022 And Beyond
Top Blockchain Conferences in 2022

Crypto Conferences for 2022 And Beyond

July 21, 2022 15 min read
Guild of Guardians Review
Guild of Guardians Review 2022: Top Free-To-Play Mobile Crypto Game!
Guild of Guardians Review

Guild of Guardians Review 2022: Top Free-To-Play Mobile Crypto Game!

July 19, 2022 22 min read
APECoin Review
APECoin Review: FOMO for the Ordinary Folk
APECoin Review

APECoin Review: FOMO for the Ordinary Folk

July 11, 2022 12 min read