On July 18th, the US Congress was the scene of several discussions on cryptocurrencies, in general, and Bitcoin (BTC), in special. Federal Reserve (FED) Chairman Jerome Powell and Democratic Senator Brad Sherman used their speeches in the Chamber to express their negative views on the issue.
Powell said that, despite their growth and the interest they have generated in the population, the cryptocurrencies are not yet large enough to compromise the country’s economic and financial well-being. The head of the FED expressed his displeasure with the issue, assuring that these tools are not among the priorities of the institution he heads. For him, they are assets for money laundering and pose significant risks to investors.
Also, he assured that the FED is not working on adopting its own cryptocurrency. For him, most crypto holders sell and pay in dollars, and he added that cryptocurrency is not a right way to preserve value because of its volatility.
Despite the negative US Congress views on cryptocurrencies, the US SEC might approve Bitcoin (BTC) ETFs trading
But despite pointing out the criminal uses of cryptocurrencies, Powell’s position was not as openly negative as that of Brad Sherman, a congressman and member of the California House of Financial Services. For him, the federal government must ban U.S. citizens from investing in cryptocurrency.
In the United States, authorities are watching out for illegal activities with cryptos as well as their legal status. A House subcommittee recently held a hearing to address the anonymity of cryptos transactions, raising concerns about the possible use of these assets for illicit purposes.
For its part, the Department of Justice, in conjunction with the U.S. Futures Trading Commission, could be on the trail of possible illegal practices that could influence the bitcoin market, especially regarding trading activities.
The Securities and Exchange Commission (SEC) received more than 60 comments, mostly in favor of Cboe Global Markets’ request for approval of Bitcoin (BTC) ETFs, an issue that has been on the company’s agenda and has been taken up again by the company. Most commentators highlight the benefits that investors in that country would obtain from the acceptance of Bitcoin (BTC) ETFs trades.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.