In addition, he assured that the FED is not working on adopting its own cryptocurrency . For him, the majority of users of cryptocurrencies sell them and pay with dollars, adding that it is not a good way to preserve value due to its volatility.
The official explained that some members of central banks of countries of the G7 have held talks on the subject although they have not been in depth or central issues of the agenda of the meetings; The approach has been, above all, educational. "I think it should be well regulated, but I do not think we're the right team to do that," he argued.
Powell added that likewise the FED has no jurisdiction over cryptocurrencies ] and although they do have it on the banks, their scope barely reaches the possible businesses that these institutions carry out with members of the ecosystem. The revision of the conditions of protection of the investors and the regulations around the operation of the own cryptocurrencies are out of their possibilities.
But despite having pointed out the criminal uses of these tools, Powell's position does not It was as openly negative as that of Brad Sherman, a deputy and member of the House of Financial Services of Congress for California. For him, the federal government must prohibit US citizens from investing in cryptocurrencies.
" We must prohibit people in the United States from buying or mining cryptocurrencies ," said Rep. Brad Sherman, Democrat of the House Financial Services Committee. His argument is that mining consumes a lot of electrical energy and is more harmful to the environment.
Reactions were not long in the bitcoiners and, through Reddit, they pointed out that there would be a possible relationship between part of the financing of his campaign as representative before the House and this position.
According to an investigation, u na credit card processing company called Allied Wallet is the largest donor of the campaign so that supporting the cryptocurrencies would be betting on the displacement of an ally of its pre-eminent role in this business.
It is not the first time that Sherman has a controversial and pejorative opinion regarding cryptocurrencies. In March he called these tools "poop".
In the United States, the authorities are alert to illegal activities with cryptocurrencies as well as their legal status. Recently a subcommittee of the House of Representatives held a hearing to deal with anonymous cryptocurrencies, showing concern about the possible use of these assets for illicit purposes . Even the deputy assistant director of the Office of Investigations of the Secret Service filed a request for support before Congress to prevent anonymous cryptocurrencies such as Zcash (ZEC) and Monero (XMR) from being used for such purposes.
On the other hand, the Department of Justice, together with the United States Commission on Commodities Futures Trading (CFTC) could be on the trail of possible illegal practices that may influence the bitcoin market, especially in terms of exchange activities
Just a few days ago the Securities and Exchange Commission (SEC) received more than 60 comments, mostly in favor of the request of Cboe Global Markets to approve a Bitcoin Listed Investment Fund (ETF), an issue that has been in the fore in the country and has been resumed by the company. Most commentators highlight the benefits that investors from that country would obtain with this measure, highlighting the interest that would be generated by the government of that country granting legal status to cryptocurrencies, allowing investments of this nature.
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