U.S. lawmakers hint at upcoming crypto legislation as Jerome Powell says Fed will soon issue report on digital currencies

During a confirmation hearing before members of the Senate Banking Committee, Federal Reserve Chairman Jerome Powell said the agency would release its report on cryptocurrencies in “a few weeks.”

Powell speaks remotely to Idaho Sen. Mike Crapo at the Dirkerson Senate Office Building on Tuesday Say The Fed’s report on digital currencies is not “where we need to get it,” but it will be released soon anyway. The Fed chair cited “changes in monetary policy” as part of the reason for the delay in the report, which is expected to address policy around the Fed. Possible launch of central bank digital currency In the United States.

“While we did take some positions, it was more of an exercise in asking questions and asking for public comment rather than taking a lot of positions on various issues,” Powell said. “This report is really ready and I Hopefully we’ll drop it in the next few weeks – I don’t want to say it again.”

Powell’s testimony came on the same day as Minnesota Representative Tom Emer hint On Twitter, he will announce new legislation related to digital currencies, without giving specifics.It’s unclear if the upcoming bill aims to “fix” the definition of a broker in infrastructure law Effective November 2021, or other regulatory avenues that encourage innovation in the crypto industry.

During his tenure as Fed chairman, Powell hinted that the U.S. was in no rush Issuing digital dollars Although other countries, including China, are advancing CBDC. In December, he Support for stable coins, saying that if properly regulated, they could be “a useful and efficient part of the financial system serving consumers”.

Once his nomination goes to the full Senate, if he gets more than 50 votes, Powell will be re-confirmed as Fed chair for another four-year term. Lael Brainard will also address U.S. lawmakers at Thursday’s hearing on her confirmation as Fed vice chair, replacing Richard Clarida.

related: Former CFTC chair says U.S. isn’t developing CBDC fast enough

In 2022, following Clarida’s departure, at least three seats on the Fed’s board of governors will be open to the nomination of U.S. President Joe Biden. Announce He intends to resign on January 14 before his term expires.Biden reportedly considering Duke law professor Sarah Blum Ruskin Join the Group of Seven Governors, in addition to economists Lisa Cook and Philip Jefferson.

Cointelegraph reached out to Tom Emmer’s office but did not hear back at the time of publication.