Chairwoman Yellen: The Fed Doesn't Have Authority To Supervise Or Regulate Bitcoin In Anyway
One of the recipients of Senator Manchin's Bitcoin Ban letter (which Kyle Torpey of CCN dissects for misinformation here) has publicly responded. That recipient was none other than Chairwoman of the Federal Reserve Board of Governors: Janet Yellen, but most people just call her Chair of the fed. This morning, the Senate Committee on Banking, Housing, and Urban Affairs met to conduct a hearing on the Semiannual Monetary Policy Report to Congress. The hearing was live streamed to a worldwide audience. During a question and answer session, Senator Manchin broached the topic of Bitcoin with....
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Janet Yellen Source: United States Federal Reservce. In response to a letter sent yesterday from West Virginia Senator Joe Manchin [D] (which warned that Bitcoin could be used by criminals and could also disrupt the U. S. economy), Chair of the Board of Governors of the Federal Reserve System Janet Yellen has responded: and the long and short of it is that the Federal Reserve can't really do anything about it. "Bitcoin is a payment innovation that's taking place outside the banking industry. To the best of my knowledge there's no intersection at all, in any way, between Bitcoin and banks....
After months of silence on the matter, Federal Reserve chairwoman Janet Yellen has stated that the US central bank does not have the authority to regulate bitcoin. Yellen was appointed as chair of the Federal Reserve last October after she was nominated to replace Ben Bernanke. During an address to the Senate Banking Committee on 27th February, the top US banking official, said: "The Fed doesn't have authority to supervise or regulate bitcoin in any way." In her response, Yellen commented broadly on a score of issues including the impact of recent weather on US economic output, ongoing....
Federal Reserve Board chair Janet Yellen told Congress last week that the Fed has no authority to regulate Bitcoin. “Bitcoin is a payment innovation that’s taking place outside the banking industry,” Yellen said in response to Senator Joe Manchin’s questions about the cryptocurrency. “To the best of my knowledge there’s no intersection at all, in any way, between Bitcoin and banks that the Federal Reserve has the ability to supervise and regulate. So the Fed doesn’t have authority to supervise or regulate Bitcoin in anyway.” The day before, Manchin had written to various governmental....
A representative of the US Federal Reserve spoke out about bitcoin today at a town hall meeting at North Dakota State University, Reuters reports. Addressing the audience, Minneapolis Federal Reserve Bank President Narayana Kocherlakota indicated he is interested in bitcoin's underlying technology, but not its use as a currency. Kocherlakota also responded to the suggestion that bitcoin could ever become a legitimate competitor to the US dollar, stating: "That's where I think the interest of it is, myself, as opposed to a new currency that's going to drive the US dollar out of....
Europe’s banking sector regulator is worried it won’t manage to find the specialized personnel needed for the oversight of the EU’s attempt to regulate the crypto market. The authority is also concerned over the lack of clarity regarding which digital assets it’s supposed to supervise. Banking Watchdog Faces Staffing Problems Threatening Its Ability to Regulate Crypto in EU Retention of talent for anything crypto-related is a “major concern,” the man who chairs the European Banking Authority (EBA), revealed in an interview. The deficit applies to....