In his confirmation hearing in front of members of the Senate Banking Committee, Federal Reserve Chairman Jerome Powell said the agency would release its report on cryptocurrencies “within a few weeks.”
Addressing Idaho Senator Mike Crapo remotely from Dirksen’s Senate office building on Tuesday, Powell said the Fed’s report on digital currencies was not “totally where it needed to be,” but that it would be released soon anyway.. The Fed chairman cited “changes in monetary policy” as part of the reason for the delay in the report, which is expected to address policy around the possible launch of a central bank digital currency in the United States.
“It’s going to be more of an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we did take a few positions,” Powell said. “The report is really ready to go and I hope we drop it, I hate to say it again, in the next few weeks.”
Powell’s testimony comes on the same day that Minnesota Rep. Tom Emmer, hinted on Twitter that it would introduce new legislation related to digital currency, without providing details. It is unclear whether the next bill would aim to “fix” the definition of a broker in the infrastructure law, which took effect in November 2021, or another regulatory avenue to encourage innovation in the crypto industry.
New digital currency legislation coming soon
– Tom Emmer (@RepTomEmmer) January 11, 2022
New legislation on digital currencies coming soon
During his time as Fed chairman, Powell suggested there was no rush in the US to launch a digital dollar even though other countries, including China, moved ahead with CBDCs. In December, he spoke in favor of stablecoins, saying they could be a “useful and efficient part of the financial system for the consumer if properly regulated.”
If he receives more than 50 votes once his nomination reaches the full Senate, Powell would be reconfirmed as Fed chairman for another four years. Lael Brainard will also address US lawmakers in a hearing Thursday regarding her confirmation as Fed vice chair, replacing Richard Clarida.
At least three seats on the Federal Reserve board of governors will be open for nominations by the US president. Joe Biden in 2022 following the departure of Clarida, who yesterday announced that he intended to resign on January 14 before his term expires.. Biden would be considering Duke University law professor Sarah Bloom Raskin to join the group of seven governors, in addition to economists Lisa Cook and Philip Jefferson.
Cointelegraph contacted Tom Emmer’s office, but did not receive a response as of press time.
Keep reading: