- Yesterday, the head of the Fed spoke at an event on cryptocurrencies
- He gave his opinion on many things in the industry.
- For Powell, cryptowinter is the perfect time to regulate
We closely follow all the events that we write about in the economic calendar. Yesterday there was one of the important events – the speech of J. Powell at the forum “Opportunities and challenges of the tokenization of finance”.
Here are the main points of his speech:
- The downturn in the crypto markets gives global regulators more time to identify weaknesses and determine the scope of work for the future.
- However, the crypto winter will not last forever. Therefore, regulators should accelerate in the development of laws.
- There are several points that require increased attention. For example, the need to regulate non-existing wallets.
- So far, TradFi and DeFi have little overlap and are independent of each other. According to Powell, this is good news for regulators.
- The head of the Fed sees structural problems in the transparency of DeFi.
- The United States is currently postponing the development of a central bank digital currency (CBDC). In any case, such money will not be anonymous – this is the requirement of the Fed.
- The bill on stablecoins will be adopted, but with tightening standards.
In general, the Fed’s rhetoric turned out to be neutral and in some places even crypto-friendly. The bankers made it clear that the United States reckons with such a force as cryptocurrencies. This is an important signal for large investors.
At the same time, many business giants prefer to wait until the regulators complete the formation of clear laws in this area.
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