• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Fed crypto report out in coming weeks says Powell

January 12, 2022
in Crypto News
Reading Time: 2 mins read
A A
0
Fed crypto report out in coming weeks says Powell
0
SHARES
11
VIEWS
ShareShareShareShareShare

During today’s renomination testimony in front of the Senate Banking Committee, Jay Powell, the re-elected chair of the Federal Reserve, said that the crypto report is ready, and will be published in the coming weeks.

At his semi-annual monetary report hearing, Jay Powell was asked by Senator Mike Crapo as to the status of the crypto report. Powell replied that “the report is ready to go”. He added, “I expect we will drop it in coming weeks”, but he did add that “I hate to say this”, referring to the time frame, and given that the report had been delayed previously.

The report is expected to focus on central bank digital currencies (CBDCs), which are the central bank version of cryptocurrencies. But it is also expected that other areas in the crypto industry will also be discussed.

Having witnessed the advanced stage that the Chinese digital yuan has reached thus far, the Fed will likely be keen to get its own CBDC out and into trials quickly, although up to now the US appears to have chosen to sit back and watch other countries do the front running so far.

One topic that will likely be in the report is that of stablecoins. The Fed chair has already made his view known that they should be far more heavily regulated.

Stablecoins are extensively used in the crypto industry as trading pairs for many cryptocurrencies, and are usually pegged to fiat currencies such as the dollar, thereby avoiding a lot of the volatility associated with such a young and still comparatively illiquid market.

Tether is the most prominent of the stablecoins in the industry, and many question the backing behind it. It is believed that much of what backs the USDT stablecoin is commercial paper. Tether denied back in September that it had exposure to Evergrande through its commercial paper holdings.

In a previous declaration on stablecoins Powell said:

“We have a tradition in this country where the public’s money is held in what is supposed to be a very safe asset,” he said, before explaining that the regulatory framework for deposits and money market funds “doesn’t exist, really, for stablecoins.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


Credit: Source link

ShareTweetSendPinShare
Previous Post

BTC/USD Bears Remain in Control: Sally Ho’s Technical Analysis 12 January 2021 BTC

Next Post

Stocks, oil and gold outlook for 11 January

Related Posts

3 relatively small projects to watch in P2E gaming
Crypto News

3 relatively small projects to watch in P2E gaming

May 23, 2022
4
BTC/USD Sitting with 21% Pullback in May: Sally Ho’s Technical Analysis 23 May 2022 BTC
Crypto News

BTC/USD Sitting with 21% Pullback in May: Sally Ho’s Technical Analysis 23 May 2022 BTC

May 23, 2022
6
Grand Time Harnesses Blockchain To Power Time Monetization For Users
Crypto News

Grand Time Harnesses Blockchain To Power Time Monetization For Users

May 22, 2022
7
BTC/USD Orbiting 29156 Technical Level: Sally Ho’s Technical Analysis 22 May 2022 BTC
Crypto News

BTC/USD Orbiting 29156 Technical Level: Sally Ho’s Technical Analysis 22 May 2022 BTC

May 22, 2022
5
What are Cardano’s prospects after the first network upgrade for 2022?
Crypto News

Cardano (ADA) set for a 40% upswing

May 21, 2022
6
Next Post
Stocks edge higher,gold and oil steady ahead of Fed meeting

Stocks, oil and gold outlook for 11 January

Recommended

Binance has resumes LUNA and UST deposits and withdrawals

Binance has resumes LUNA and UST deposits and withdrawals

May 14, 2022
7
Hashstack’s Open Protocol Public Testnet Launched To Offer World’s First Under-Collateralized Loans

Hashstack’s Open Protocol Public Testnet Launched To Offer World’s First Under-Collateralized Loans

April 30, 2022
6
Anchor Protocol (ANC) is rallying despite a broader market tumble

Anchor Protocol (ANC) is rallying despite a broader market tumble

May 7, 2022
4
Climate change ‘number one’ for flood survivors

Climate change ‘number one’ for flood survivors

May 21, 2022
5
Broadcom in Talks to Acquire Cloud Company VMware

Broadcom in Talks to Acquire Cloud Company VMware

May 23, 2022
6
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Broadcom in Talks to Acquire Cloud Company VMware
  • 3 relatively small projects to watch in P2E gaming
  • BTC/USD Sitting with 21% Pullback in May: Sally Ho’s Technical Analysis 23 May 2022 BTC

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?