Fed Chair Powell and Cryptocurrency
Jerome “Jay” Powell is the current Chairman of the Federal Reserve, commonly referred to as Fed Chair. As one of the most influential economic policy makers in the United States, he has had a significant impact on cryptocurrency markets since taking office in February 2018. His comments and decisions have been closely watched by investors who are eager to learn more about his stance on digital currencies.
Powell’s views on cryptocurrencies vary greatly from what they were when he first took office. In March 2018, shortly after assuming his role as Fed Chair, Powell stated that “cryptocurrencies are good for illicit activities such as money laundering” while also noting that these assets do not yet pose a threat to financial stability or monetary policy objectives. However, during an appearance before Congress in July 2019 he shifted his view slightly towards recognizing some potential benefits from their use—particularly with regard to faster payments systems and lowering transaction costs for consumers worldwide—while still emphasizing regulatory concerns related to consumer protection issues like fraud prevention and investor risk management safeguards.
In recent years government regulators around the world have become increasingly interested in developing rules governing cryptocurrency exchanges so that trust can be established between buyers and sellers alike; this is particularly true within countries where central banks do not exist (or lack adequate enforcement mechanisms). To date there has been no clear indication from either U.S.-based regulators nor international bodies regarding how they plan address regulation within this space but it appears likely based off past statements made by both Jay Powell himself (as well as other key members of President Trump’s cabinet) that any future regulations will focus heavily upon anti-money laundering measures rather than outright bans or restrictions against trading/investing activity itself for individuals operating inside America’s borders – though again this remains speculative at best until formal guidance comes down from official sources themselves sometime soon thereafter.
