There appears to be (again) some breakthrough movement on the regulation of digital assets in the United States as the U.S Federal Reserve’s Chairman said on Tuesday that its highly anticipated report on cryptocurrencies and central bank digital currencies (CBDCs) could be released in a couple of weeks.
Powell was asked about the report that was initially scheduled to come out last September, during his confirmation hearing for his second term in front of the Senate Banking Committee.
Responding to an inquiry about the timing of the publication from Idaho Senator Mike Crapo, the Chairman said:
“We didn’t get it to quite where we needed to get it. But it’s effectively there now, it’s within weeks [that] we will be publishing it.”
Nevertheless, Powell’s response holds some concerns in light of recent history. He has made similar remarks when asked for the report in the last six months.
In a Senate hearing last November, he had already said the report to be out in “coming weeks”. In July, the Fed chair informed the public that the report would be released in September, and by then he just said it would be coming out “soon”.
The report is expected to provide a lot of clarity on CBDCs and stablecoins.
Senator Pat Toomey, representing Pennsylvania, asked Powell whether he believes a CBDC couldn’t coexist with “well-regulated, privately issued stablecoins,” if the digital currency would find approval.
“No, not at all,” Powell said, hinting that the introduction of a CBDC would not mean a ban on stablecoins.
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Source: Igaming
