Jerome Powell Cryptocurrency
Jerome H. Powell is an American lawyer and economist who currently serves as the Chair of the Board of Governors of the Federal Reserve System, commonly known as “the Fed”. In February 2018, he was nominated by President Donald Trump to succeed Janet Yellen in that position. As such, he has become a key figure in global financial markets, including cryptocurrency markets.
Powell’s views on cryptocurrencies have been largely cautious but open-minded; while noting potential benefits from blockchain technology and its applications within finance, he also voiced his concerns about how digital currencies could be used for money laundering and other illicit activities. He believes more regulations are needed for crypto assets to protect investors from frauds and scams. Despite this cautionary stance on cryptocurrencies however, Powell appears to believe that they can still play a role in international monetary policy: at a congressional hearing in July 2019 he stated that “crypto assets may yet provide some promise” with regards to their ability to facilitate payments across borders without relying upon traditional banking infrastructure or government control over capital flows between countries.
It remains unclear what impact Jerome Powell’s ongoing leadership of the Fed will have on cryptocurrency markets going forward; however it seems likely that his influence will continue to shape both public opinion as well as regulatory approaches towards these new asset classes throughout 2020 and beyond.
