Federal Reserve chair says the agency will soon release legislation on crypto

Jerome Powell hinted that US lawmakers will soon bring new legislation on the crypto industry to regulate it perfectly. 

As we know the whole world is moving toward blockchain-based technology to use directly or indirectly, for a while use purpose may be different but the overall aim to use blockchain is to get trust with the data. In the past, the Federal Reserve claimed that they will not do any work too early or quickly to adopt blockchain technology through Central Bank Digital Currency (CBDCs) but the agency will do research on it and further will think about adopting it. But recent activities by the US regulators hinted that they are now moving much rapidly toward this innovative technology. 

Jerome Powell, chairman at the Federal Reserve, speaking in front of members of the Senate Banking Committee, said that the Fed will release its report on cryptocurrencies within the week. 

On 11 January, Powell asserted that the Federal Reserve’s report on digit Currencies was needed but not available. So now it will be available soon by the Federal Reserve within a week. The Fed chair also hinted that it is going to be the part of the changing Monetary policies over the Digital assets, and it will be the part of the legalization and adoption of the CBDCs ( Digital Dollar). 

Powell stated:

” It’s more going to be an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we do take some positions.”

Powell also noted that there are very rare chances that he will repeat his words to release a report on Digital assets because he is confident that it will come in the next few weeks. 

Tom Emmer, Minnesota Representative, confirmed this report release on digital assets legislation in the US before the official statement of Fed chair Powell. On Twitter, on 11 January, Tom wrote that “new digital currency legislation is coming soon. 

New digital currency legislation coming soon

— Tom Emmer (@RepTomEmmer) January 11, 2022

Read also: Internet is partially available in Kazakhstan, Bitcoin miners are still skeptical