2 years ago
Federal Reserve seat Jerome Powell spoke connected March 7 successful beforehand of a Senate Banking, Housing and Urban Affairs Committee.
During the hearing, helium was questioned by Senator Cynthia Lummis (R-Wyoming) astir permissionless distributed ledgers and whether they had immoderate spot wrong the fiscal system.
Powell said:
“There are existent concerns astir permissionless nationalist blockchains, and the crushed is that they’ve been truthful susceptible to fraud, to wealth laundering and each of those things. I deliberation what you heard from the national banking agencies successful 1 of their reports was that they would thin to look astatine those arsenic inconsistent with information and soundness.”
On stablecoins, Powell said that with “appropriate regulation,” they could merge with accepted banks.
“Where stablecoin enactment gets the aforesaid regularisation arsenic comparable products successful antithetic places, past determination surely could beryllium a spot for stablecoins successful our fiscal services sector,” the Fed seat said.
Lummis besides pressed Powell connected the request for integer plus regulation. She compared the US to different jurisdictions similar the UK, the EU, Switzerland and Singapore, each of which person moved successful the past respective years to make legislative frameworks for integer assets, portion the US has lagged.
“I bash deliberation it would beryllium important for america to person a workable ineligible model astir integer activities,” Powell added. “I deliberation that is important and thing Congress successful principle, needs to do, due to the fact that we can’t truly bash that.”
The station Fed Chair Powell addresses concerns implicit permissionless distributed ledgers successful Senate hearing appeared archetypal connected CryptoSlate.
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