Jerome Powell news

Jerome Powell is the 16th and current Chairman of the Federal Reserve, serving in that office since February 2018.

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Trump Buries Fed Chair Jerome Powell After ‘Gutless’ Policy Decision

The Federal Reserve’s quarter-point rate cut on Wednesday was met with hostility by President Trump, who blasted Chairman Jerome Powell for lacking vision and being totally ‘gutless’ about helping the American economy. Trump Ups Anti-Fed Rhetoric Trump took to Twitter Wednesday afternoon to complain about the Fed’s decision to lower interest rates. Based on Trump’s […] The post Trump Buries Fed Chair Jerome Powell After ‘Gutless’ Policy Decision appeared first on

Facebook’s Libra could become ‘systematically important very quickly,’ claims Fed Chair Jerome Powell

2019 has been an incredibly important year for digital currencies. The collective cryptocurrency market broke away from the bearish winter and digital assets have again started to gain attention from various financial institutions and personalities. In fact, the President of the United States also called out Bitcoin and Facebook’s Libra at one point of time, […] The post Facebook’s Libra could become ‘systematically important very quickly,’ claims Fed Chair Jerome Powell appeared first on AMBCrypto.

Fed Chair Jerome Powell Says Facebook’s Libra Needs Higher Regulation

Jerome Powell, the chairman of the US Federal Reserve said that Facebook’s new cryptocurrency Libra will have to adhere to higher regulatory standards. He said that not doing so would disrupt the financial system of the country. Facebook needs enhanced regulations Powell was attending a QnA session in Zurich, Switzerland on Friday where he focused on Facebook’s digital currency Libra and its corresponding digital wallet Calibra. Regulators around the world have been worried about the impact of the new cryptocurrency on the existing financial systems. Powell has previously spoken about his discomfort with the cryptocurrency. Yesterday, he said, “With Facebook’s very large network of more than a billion people, a stable coin could be systemically important very quickly if it were to have wide adoption. Libra would have to be held to the highest regulatory standards and supervisory expectations.” He also said that “Libra has a burden of proof to carry.”  Interestingly, Libra will be managed by the Libra Foundation, which will be based in Switzerland. Recently, a delegation of US lawmakers led by Maxine Waters met Swiss authorities to discuss the digital coin. They continued to hold a skeptical view of the cryptocurrency even after the meeting. Why is Facebook’s crypto so important? Facebook is the largest social network in the world, with over 2 billion global user base. Apart from this, it controls Instagram, another popular image-based social networking platform and WhatsApp, a messaging service. With such a huge network of apps and an increasing influence of Facebook on people around the globe, a cryptocurrency would be enough to topple the global financial system. Note that Facebook’s digital currency will be used to send money cross-border as well. As such, the company will not follow the anti-money laundering (AML) and terrorism financing laws that traditional financial institutions are made to follow. Powell clarified that the US central bank doesn’t want to block innovation, but it wants to ensure that it is done responsibly. During two hearings at Capitol Hill in July this year, Facebook executives said that the US needs blockchain-based financial innovation to stay ahead of the curve. If the country fails to do so, countries like China will gain a lead. The company also said that it announced the currency one year before its official launch so it could work with regulators. It also said that it would launch the currency only after regulators are convinced. Interestingly, the country will have a lot of regulators to talk to, given its global impact and overall negative reaction from authorities. The post Fed Chair Jerome Powell Says Facebook’s Libra Needs Higher Regulation appeared first on - Daily Cryptocurrency and FX News.

Federal Reserve Chair Jerome Powell Talks About Demand Of Central Bank Digital Currencies

The chair of the U. S. central bank (Fed), Jerome Powell, recently spoke about some of the hottest crypto subjects during a forum sponsored by the Swiss Institute of International Studies. During his presentation, he was asked whether central banks should issue their own centrally-backed cryptos and if they were losing an opportunity for not […]
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Fed Chair Jerome Powell: Consumers are not “clamoring” for central bank backed cryptocurrencies

At a forum in Switzerland sponsored by the Swiss Institute of International Studies, Federal Reserve Chair Jerome Powell spoke about central bank digital currencies and Facebook's proposed Libra stable coin-like digital currency. In response to a question asking whether central banks are missing out on the opportunities presented by digital currencies, Powell states that while the Federal Reserve is following digital currencies, it is not something the central bank is "actively considering."  Powell notes that "if you think about one currency that was for the United States it would really need to be cyber secure" adding that "it's one thing to be able to counterfeit paper currency, it's another thing to hack into a cyber currency and create, with a computer, however much of it you want." Powell also cites the lack of demand for digital currencies, saying that "consumers have plenty of payment options and that "they are not clamoring for this." In regards to Facebook's digital currency, Libra, Powell notes that due to the size of Facebook's userbase, its stablecoin could be "systematically important very quickly." Powell, however, warns that "Libra would need to be held to the highest regulatory and supervisory expectations" and that "this is not going to be a sprint to implementation."
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Litecoin (LTC) Celebrates Its 8th Anniversary!

Litecoin (LTC) is celebrating its 8th anniversary.  Eight years ago, the Litecoin Network was launched the day in which Steve Jobs, Apple’s founder, died at 56. The firs […] The post Litecoin (LTC) Celebrates Its 8th Anniversary! appeared first on UseTheBitcoin.
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Banks are Feeling Threatened of Bitcoin and for Good Reason, Tim Draper

A new opportunity for a new currency Governments have to adapt to not control through currency Venture capital investor and Bitcoin bull Tim Draper currently in an interview shared how currencies today are based on faith in the government. But Bitcoin is a currency that isn’t backed by the government rather frees us from that […]
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Bitfinex and Tether Lawsuit Analysis: The Severity of Roche Freedman’s Case

Stablecoin firm Tether and its associate exchange Bitfinex have received a suit filed by a New York-based legal firm Roche Freedman against Tether token (USDT, stating that it is engaged with market manipulation as the consequence of an unpublished paper. The case encloses that the above-mentioned firms were involved in a “sophisticated scheme” on account […]
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Ripple Consolidates its xRapid, xCurrent and xVia Features Under One Network; RippleNet

Ripple recently announced the consolidation of its services within RippleNet offering. The blockchain-oriented firm known for its convenient transfer features in the blockchain ecosystem made these changes to enhance service delivery to clients. The New Ripple Network Outlook A spokesman from Ripple noted that besides the change of name, the firm had sought to make […]
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