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Federal Reserve Chairman Jerome Powell met with Coinbase CEO Brian Armstrong on May 11, in accordance with Fed knowledge.
Also current on the assembly was Paul Ryan, former Speaker of the House.
On May 14, Armstrong tweeted that he had “spent most of the time” [trong] weeks to satisfy with members of Congress and the heads of varied federal companies, “however didn’t particularly point out Powell.
The assembly was held lower than per week earlier than the Fed introduced plans to launch a paper detailing their analysis on a central financial institution digital foreign money.
The Fed has been engaged on cryptocurrencies for some time: It has been exploring CBDCs, or central financial institution digital currencies, as a sort of state-controlled “digital USD”, regardless of Powell stressing that there is no such thing as a rush to develop such a foreign money. . Powell has repeatedly stated that though China is already experimenting with a state-regulated digital foreign money, the US ought to proceed with warning.
“The design of a CBDC will improve key monetary policy, financial stability, consumer protection, regulatory and privacy considerations and will require careful thought and analysis, including input from the public and elected officials.”
The day earlier than, on May 19, Michael Hsu, Head of Currency Computing, proposed the creation of an inter-agency activity drive with the Fed and FDIC particularly devoted to cryptocurrencies.
The May 11 assembly between Armstrong and Powell coincided with a drop within the value of Bitcoin and different cryptocurrencies. Over the course of that week, Bitcoin dropped from a excessive of $ 50,000 to round $ 40,000.
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