When they face the members of the Senate Banking Committee on concerns about the “debate” trend that affects the cryptography industry, the president of the Federal Reserve, Jerome Powell, said that he is also worried about it and that he is already adjusting internal supervision policies in the Fed.
“I am also worried about the amount of these reports,” Powell said in Routina’s testimony to the Senate Banking Committee on Tuesday. He offered that “a theory is that banks are very reluctant to risk” on money laundering rules and aggressive supervision under which they are not willing to welcome customers who can expand their compliance demands.
“We are determined to take a look at that,” said Powell, who added that he had been “surprised by the growing number of cases of what seems to be weakening.”
Republican legislators and new financial guards appointed by President Donald Trump have dedicated special scrutiny to the so -called debate that, according to the currency.
Powell also thanked the cryptographic senator Cynthia Lummis for raising in a recent deposit hearing that the Fed has a policy to direct a greater supervision scrutiny to the bankers who participate in a speech or controversial activity. He said the policy is being eliminated from the internal manual from which he came.
Although cryptographic supervision was not a central theme at Powell’s audience on Tuesday, some of the great problems of the industry were raised, including Stablecoins and digital currencies of the Central Bank (CBDC).
Powell said the Fed supports the new regulatory efforts around Stablecoins: tokens designed to maintain a constant value when linked to assets such as the US dollar.
“Stablecoins can have a great future with consumers and companies,” Powell said. “We cannot know that now, but it is important for the development of Stablecoins, in a safe and solid way that protects consumers and savers and everything, that there is a regulatory framework.”
The president of the Central Bank of the United States. UU. It also gave a clear response to its intentions with respect to the CBDC, a nebula threat of a digital dollar that for a long time had worried us the cryptographic companies, although no US proposal . When asked if he would never accept a CBDC, Powell simply replied: “Yes.”
The possibility of matching Chinese and European experiments with CBDC had already become more remote in the United States in Trump’s choice and the majority of the congress that oppose such an effort.
Powell will speak again at an audience at the United States Representatives House on Wednesday. And Crypto was scheduled to be the topic highlighted on Tuesday afternoon at a hearing at the Chamber Financial Services Committee.
Read more: Trump issues an executive order of Crypto to pave the US digital assets route.
