US lawmaker hints at upcoming crypto legislation as Jerome Powell says Fed will release report on digital currency soon

US lawmaker hints at upcoming crypto legislation as Jerome Powell says Fed will release report on digital currency soon

Jerome Powell, Federal Reserve chair, stated that the agency would release its report on cryptocurrency “within weeks” during his confirmation hearing before members of Senate Banking Committee.

Speaking remotely to Idaho Senator Mike Crapo from the Dirksen Senate Office Building, Powell stated that the Fed’s report regarding digital currencies was not “quite there we needed it” but would be published soon regardless. The Fed chair mentioned “changes in monetary policy” as a reason for the delay. This report is expected to address the policy surrounding the possible launch of a digital currency central bank in the United States.

Powell stated that the exercise will be more about asking questions and getting input from the public than it is taking positions on different issues. “The report is really ready to go, and I would anticipate that we will drop it — I hate it to repeat it — in the coming weeks.”

The testimony of Powell comes on the heels of a tweet from Tom Emmer, a Minnesota representative, suggesting that he would unveil new legislation regarding digital currency. However, he did not provide any details. The upcoming bill is unclear if it would “fix” the definition for a broker in the infrastructure legislation, which went into effect in November 2021. Or if it would provide another regulatory pathway to encourage innovation within the crypto industry.

Soon, new legislation regarding digital currency
— Tom Emmer (@RepTomEmmer), January 11, 2022

Powell, who was Fed Chair, suggested that there wasn’t a rush for the U.S. to release a digital currency despite other countries like China moving forward with CBDCs. He spoke out in December for stablecoins and said they could be an “useful, efficient consumer-serving component of the financial system” if properly regulated.

If he gets more than 50 votes, Powell will be confirmed as Fed chair for another four-year term. Lael Brainard, Richard Clarida’s replacement as Fed vice chair of the Fed, will address U.S. lawmakers at a Thursday hearing.

Related: Former CFTC chair says the US isn’t moving fast enough for a CBDC.

In 2022, at least three seats on the Federal Reserve’s board will be available for nominations by Joe Biden. This follows the resignation of Clarida yesterday. He announced that he would resign Jan. 14, ahead of his term ending. Biden is said to be considering Sarah Bloom Raskin, a Duke University law professor, to join the group that includes economists Lisa Cooke and Philip Jefferson.

Cointelegraph reached Tom Emmer’s office but was not able to get a reply at the time of publication.

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