Federal Reserve chair insists crypto report will be released within weeks

The release of the Federal Reserve’s report, which touches on the development of digital currencies and crypto regulation, experienced some delays.

Yesterday at a nomination hearing, Federal Reserve Chairman Jerome Powell told the Senate Banking Committee that the long-awaited crypto report was released in a few weeks, despite recent delays.

Powell sent a statement to Idaho Senator Mike Crabow, and the report continues.”where beautiful [it] need to do thisHowever, he insisted that he would be released soon.

“We take several positions, but rather than taking many positions on various issues, it would be a practice to ask questions and seek opinions from the general public. The report is already ready. Hopefully, we’ll give it up – I hate to say it again – in the coming weeks. “ He said.

Powell also explained that changes in monetary policy were a factor in the delay in the report. And despite his assurances, Powell’s earlier statements regarding the release of the long-awaited report do not support him. The Fed chair made similar promises in the past that were never fulfilled.

At a Senate hearing in November, Powell promised to publish the report within the “next few weeks.” In addition, his comment in July, which claims the report will be published by September, predates the “immediate” promise he made on another occasion.

Cryptocurrency can coexist with a stablecoin

The report is expected to cover many issues, most notably the issuance of digital currencies backed by Apex Bank, and Powell assured Republican Senator Pat Toomey that the possibility of issuing a central bank digital currency could coexist. “A well-regulated, privately-issued stablecoin.”

The president also agreed with the Pennsylvania senator’s view that the Federal Reserve is missing. “Experience, expertise, ability” It operates as a retail bank.

The Federal Reserve previously told the Senate Banking Committee that the Fed is looking very carefully at the prospects for a digital dollar. But he refused to reveal the details of the matter. He also told the committee that broad policy and technical issues needed to be addressed before such an effort could be explored.

Powell’s latest news in the report agrees with Minnesota representative Tom Emer who notes that crypto-specific legislation may be introduced soon. It is unclear what the proposed legislation entails or addresses, as it did not provide details.

“Soon a new digital currency law will appear.” Management Signal On his Twitter page.

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