Brian Armstrong meets with Fed Chairman Jerome Powell
According to Jerome Powell’s conference calendar, Coinbase CEO Brian Armstrong met with Federal Reserve Chairman and former House Speaker Paul Ryan to discuss the impact of digital currencies. The details of the meeting are unclear, but most of the discussions seem to have centered on building a digital currency from the American Central Bank (CBDC) and countries that are already ahead.
Coinbase CEO: “China’s digital yuan poses a threat to US reserve currency status”
The Federal Reserve wants to build a digital dollar and more and more steps are being taken to make it a reality. Almost every member of the Fed has something to say about an American CBDC, and in May the Fed chairman held a series of meetings with members of the cryptocurrency and blockchain industries.
Participants who discussed the CBDC idea with Powell included people such as Finance Minister Janet Yellen, members of the Bank for International Settlements (BIS), Chris Giancarlo from the Digital Dollar Project, Jens Weidmann, the President of the Deutsche Bundesbank, Jamie Dimon, the CEO of JPMorgan Chase, and Brian Armstrong, CEO of Coinbase. Armstrong discussed the meetings he had with various American bureaucrats and central bankers in 21 separate tweets.
“I spent most of this week in DC with members of Congress and heads of various federal agencies,” Armstrong said at the time. “[The] The aim was to build relationships and answer questions about crypto. And to see what we can do to give the US more regulatory clarity in this area as part of the newly formed [Crypto Council for Innovation]. “Armstrong continued:
Crypto is just as important as the birth of the internet in terms of jobs, GDP growth, and the innovation it can create. The US needs to be a major player in the crypto space to remain relevant over the long term.
Armstrong Says “Legal Uncertainty” Is A “Big Problem”
Armstrong said he believed China’s digital yuan advances could pose a threat to the US dollar. The digital yuan has made its way into many different areas of the Chinese economy as the People’s Bank of China (PBOC) hosted a series of red envelope lotteries. Subcontractors are paid at the CBDC in China’s Xiong’an New Area, and Hong Kong is also connecting to the digital yuan. Coinbase CEO believes the US needs to jump into the digital dollar quickly.
“I also shared my thoughts on China and its central bank digital currency,” said Armstrong of his meeting with members of Congress and the heads of various federal agencies. Armstrong added:
It’s real, they’re moving fast, and I believe that if the US doesn’t act quickly to create its own, it will pose a long-term threat to US reserve currency status.
The Coinbase CEO emphasized that the bureaucrats and agency directors he met were all “thoughtful and dedicated people.” He further noted that the US does not currently have much clarity about regulatory policies and standards. “Some cryptos can be securities (SEC), some are commodities (CFTC), others are currencies / properties (Treasury / IRS), and some are none of the above,” said Armstrong.
“So it’s a bit of a jump ball between the existing federal regulators,” concluded Armstrong. “That means fewer startups that can defy legal uncertainty. Some of them set up their businesses abroad or not at all. That is a big problem.”
What do you think of Brian Armstrong’s meetings with Jerome Powell, American bureaucrats and federal officials? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Brian Armstrong via Twitter,
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