U.S. lawmakers urge Jerome Powell to support crypto innovation

Some members of the United States Congress have shipping to Federal Reserve Chairman Jerome Powell for asking a few questions about the Fed’s crypto-regulatory efforts. The letter was received from Rep. Tom Emmer (Republican), Rep. Darren Soto (Democrat), Rep. Frank Lucas (Republican), Rep. Ted Budd (Republican), Representative of the House of Representatives Ro Khanna (Democrat), Representative Glenn Thompson (Republican) and. signed representative Eric Swalwell (Democrat).

In the letter Emmer describes:

“Empowering Americans to be investors every day should be our number one priority, and decentralized digital assets offer that opportunity. The Fed must work to support innovation at home … Our government should never be allowed to suppress innovation. “

He also noted that the letter “highlights the concern in Powell’s statement that a Fed-issued digital currency could eliminate the need for innovation by the private sector.”

The letter indicates that cryptocurrencies are subject to “overlapping regulation by multiple regulators,” including the Fed, the Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).

The adoption of cryptocurrencies has been “challenged by a lack of regulatory clarity”. Powell was also asked about the steps the SEC is taking “to coordinate with other federal regulators in developing guidelines for digital assets such as cryptocurrencies and policy issues.” at the forefront of financial innovation. ”What other steps has the Fed done to“ provide regulatory clarity, either alone or in coordination with the Federal Reserve Banks in the region, to banks offering cryptocurrency or asset custody? ”other digital for your customers.

Chairman Powell was also asked to outline his plans to release a discussion paper for a US Federal Reserve (CBDC) digital currency and whether he believes that CBDC cryptocurrencies and their uses – “from decentralized identity to decentralized file storage” – are obsolete will do.

The legislature’s letter to Powell ended with a request:

“We look forward to your answers to the questions listed in this letter, if this is done by October 15, 2021.”

During a hearing before the House of Representatives Financial Services Committee in July, Powell stated that “if you have US digital currency, you don’t need stablecoins, you don’t need cryptocurrencies.” Powell recently admitted that the statement was false and that the word cryptocurrency should be removed from the statement. He told North Carolina Republican representative Ted Budd last week that he had no intention of banning or restricting the use of cryptocurrencies.

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