Powell gives deadline for delayed Fed report on digital currencies
Federal Reserve Chairman Jerome Powell stated that the Fed's highly anticipated report on cryptocurrencies will be released "within weeks."
The report will be released in the coming weeks
Powell's estimated timing of the release came during a Jan. 11 confirmation hearing before the Senate Banking Committee. Senator Mike Crapo pressed Powell on the report, which the Fed chairman had previously said would be forthcoming. Powell responded by saying, "The report really is ready to go, and I expect we will drop it. I hate to say this again in the coming weeks." The Fed chair cited "changes in monetary policy" as part of the reason for the delayed report, which is expected to address policy surrounding the possible rollout of a central bank digital currency in the United States.The report will likely focus on the prospects for a central bnk digital currency. The possibility of the Fed digitizing the dollar is a topic of great interest to the crypto industry and those interested in the future of monetary policy more generally. In November, President Biden re-nominated Powell for another term as Fed Chairman. Following that nomination, Powell appeared before the Banking Committee today.
Tom Emmer hints at introducing a new crypto bill
Powell's statement comes on the same day that Minnesota Representative Tom Emmer tweeted that he would introduce new legislation related to digital currencies without providing details. It is unclear whether the upcoming bill aims to "fix" the definition of a broker in the infrastructure law, which went into effect in November 2021, or whether it is a different regulatory path to encourage innovation in the crypto industry.Powell, a Republican, is known for his stability, so his reappointment was pretty uncontroversial. However, several Democratic Senators urged him to expand the Fed's work in the areas of racial disparities and climate change, which Republicans and Powell himself generally view as outside the Fed's mandate. Several of Powell's colleagues on the Fed board have announced their resignations, including Randy Quarles, Chris Waller, and, just yesterday, Richard Clarida, who became a lightning rod for controversy when it was revealed that he had bought stock immediately before the Fed announced expanded quantitative easing in early 2020
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