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Powell Says Fed Has ‘No Intention’ to Ban Cryptocurrencies

Powell Says Fed Has ‘No Intention’ to Ban Cryptocurrencies



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28 Comments

  1. > The question that was asked by Mr Budd:
    >
    > “In a July hearing before this comitteee you were asked about CBDC or Central bank digital currencies and their impact on stable coin and other cryptocurrencies and you state I quote you hopefully correctly here ‘You wouldn’t need stable coins, you wouldn’t need cryptocurrencies if you had a digital US currency.’ As a matter of policy is your intention to ban or limit the use of cryptocurrencies like we are seeing in china?”
    >
    > Chairman response:
    >
    > “No, and I immediately realize that I mispoken there, I didnt mean… take the word crypto currency out of that sentence and I would say its fairly widely understood that central bank digital currencies could perform some of the… could make… <Budd interupts with ‘but no intention to ban?’> … no intention to ban, but the stable coins are like money market funds, like bank deposits to some extent outside the regulatory perimiter and its appropriate that they are regulated. Same activity, same regulation.”

  2. The federal reserve is publicly having to answer questions about crypto. 6 years ago this was nowhere in the vicinity of possible. Things are developing excellently.

  3. I heard him back peddling on his initial statement and bringing it back to the gov issues Central digital stable coin…… he didn’t say a word about #bitcoin . I do t trust them, they will try to ban but will fail in my opinion.

  4. Sure, that’s what China said.

    I have an idea, let’s ban these politicians, kick the ones in office out of office, get a pro-crypto President, and create a parallel system that allows the market to operate without “autistic interventions,” (see Rothbard’s description of “autistic interventions” for what I am alluding to), then move on.

    We don’t have to listen to these people.

  5. No, they won’t ban them, they will just force every US-based exchange to move their headquarters to Singapore, make the process of reporting crypto taxes impossible for the average person, ban mining, prevent citizens from getting airdrops, accessing defi, using stablecoins, margin trading, futures, and staking, getting crypto savings accounts, getting crypto credit cards…

    Thanks Mr. Powell, very cool

  6. I don’t believe he (Fed) has the jurisdiction to ‘Ban’ it anyway. I believe it would have to be banned through law then enforced by the SEC / IRS. But what do I know, right?

  7. Not within their authority even if they like to think it is; it’s not. They had their chance and can’t even *remotely* balance one of the most wealthiest nations budgets. We no longer require their services. They’re fired.

  8. I liked his answer to this, for as much credit as we can give JPow. He is still the chair of the Fed, so he has to play his politics carefully. He compared stablecoins to money market funds but made sure to leave other cryptocurrencies out of it. He made a point to say nothing about regulating cryptocurrencies outside of stablecoins.

    That will be a hard line to walk for any central bank unless they issue their own stablecoin that has its own regulations. I don’t see the government being able to regulate a lot of the existing stablecoins without banning them (sorry, Tether.) This would mostly affect CeFi, since regulating DeFi is also a task that can really only be solved with a ban, I assume.

What do you think?

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