US Federal Reserve Bank to release crypto report in the coming weeks

What

The Chairman of the Federal Reserve Bank Jerome Powell has said that the bank’s much-anticipated report on cryptocurrencies and central bank digital currencies (CBDCs) will be released in the coming weeks

Why

The US is yet to release an official plan for the way forward with cryptocurrency regulation and the rollout of a CBDC of its own, while other countries like China have announced that they are close to launching a CBDC 

What next

Powell warned that the report has been delayed in the past, but when it is released, there will be an opportunity for public participation

The story

The Fed’s crypto report is just about “ready to go”, Powell said when questioned about the status of the report during his renomination testimony in front of the Senate Banking Committee.

It is likely that the report will focus on CBDCs and, possibly, the cryptocurrency industry in general. Powell said the launch of China’s digital yuan, a CBDC, intensified the bank’s considerations of a digital US dollar. He added that the report will seek input from the public. Whether it will outline any concrete plan of action on the way forward for cryptocurrency regulation remains unclear. 

Powell has in the past spoken publicly about stablecoins and regulation but has generally been silent on other cryptocurrencies. 

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