{"id":12794,"date":"2021-10-03T17:54:25","date_gmt":"2021-10-03T17:54:25","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-lawmakers-urge-fed-chair-jerome-powell-to-support-crypto-innovation\/"},"modified":"2021-10-03T17:54:25","modified_gmt":"2021-10-03T17:54:25","slug":"us-lawmakers-urge-fed-chair-jerome-powell-to-support-crypto-innovation","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-lawmakers-urge-fed-chair-jerome-powell-to-support-crypto-innovation\/","title":{"rendered":"US Lawmakers Urge Fed Chair Jerome Powell to Support Crypto Innovation"},"content":{"rendered":"

Several U.S. lawmakers have called on Federal Reserve Chairman Jerome Powell to support cryptocurrency innovation. \u201cThe Federal Reserve must work to support domestic innovation \u2026 Our government should never be in the business of thwarting innovation.\u201d<\/strong><\/p>\n

Members of Congress Urge Fed Chair Powell to Support Crypto Innovation<\/h2>\n

Several U.S. Congress members have sent a letter<\/a> to Fed Chair Jerome Powell asking him several questions regarding the Fed\u2019s effort on cryptocurrency regulation. The bipartisan letter is signed by Reps. Tom Emmer, Darren Soto, Frank Lucas, Ted Budd, Ro Khanna, Glenn \u201cGT\u201d Thompson, and Eric Swalwell.<\/p>\n

Rep. Emmer described:<\/p>\n

Empowering individual Americans to become everyday investors should be our highest priority \u2013 decentralized digital assets provide that opportunity. The Federal Reserve must work to support domestic innovation \u2026 Our government should never be in the business of thwarting innovation.<\/p>\n

The congressman explained that his letter \u201chighlights concern with Powell\u2019s statement that the biggest supporting argument for a Fed-issued digital currency is that it could eliminate the need for private sector innovation.\u201d<\/p>\n

The letter points out that cryptocurrencies are subject to \u201coverlapping regulation from multiple regulators,\u201d including the Fed, the Financial Crimes Enforcement Network (FinCEN), the Securities Exchange Commission (SEC), and the Commodities Futures Trading Commission (CFTC).<\/p>\n

Noting that crypto adoption has been \u201chobbled by a lack of regulator clarity,\u201d Powell was asked what steps the Fed is taking \u201cto coordinate with other federal regulators on the development of policy guidance for digital assets such as cryptocurrencies, and other critical related policy issues such as custody and accounting, to ensure the United States remains a leader in financial innovation.\u201d<\/p>\n

In addition, the Fed chair was asked what steps the Fed is taking \u201con its own or in coordination with regional Federal Reserve Banks to provide regulatory clarity to banks that wish to offer cryptocurrency or other digital asset custody to their customers.\u201d<\/p>\n

Chairman Powell was further questioned when the Fed plans to release the discussion paper on the design of a U.S. central bank digital currency (CBDC) and whether he believes a CBDC would make cryptocurrencies and their applications \u2014 \u201cfrom decentralized identity to decentralized file storage\u201d \u2014 obsolete.<\/p>\n

The lawmakers\u2019 letter to Powell concludes with a request:<\/p>\n

We appreciate your prompt response, no later than October 15, 2021, to the questions detailed in this letter.<\/p>\n

Powell testified before the House Financial Services Committee in July, stating<\/a> that \u201cyou wouldn\u2019t need stablecoins, you wouldn\u2019t need cryptocurrencies if you had a digital U.S. currency.\u201d He recently admitted that he misspoke and the word cryptocurrencies should be omitted from the statement. He told Rep. Budd last week that he has no intention to ban<\/a> or limit the use of cryptocurrencies.<\/p>\n

What do you think about U.S. lawmakers urging Fed Chair Powell to support crypto innovation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, congressmen, Fed Chair, Fed Chairman, jerome powell, letter to powell, tom emmer, us congress<\/p>\n","protected":false},"excerpt":{"rendered":"

Several U.S. lawmakers have called on Federal Reserve Chairman Jerome Powell to support cryptocurrency innovation. \u201cThe Federal Reserve must work to support domestic innovation \u2026 Our government should never be in the business of thwarting innovation.\u201d Members of Congress Urge Fed Chair Powell to Support Crypto Innovation Several U.S. Congress members have sent a letter…<\/p>\n","protected":false},"author":0,"featured_media":12795,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12794"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12794"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12794\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12795"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}