The discussion regarding the regulation of digital assets continues in the U.S. society.
In the U.S., the debate over the regulation of the cryptosphere has recently intensified. U.S. President Joe Biden’s Executive Order No. 14067, which was signed on March 9, is now in effect. In a podcast by businessman Robert Kiyosaki, the entrepreneur, along with his interlocutor, former U.S. Congressional Counsel James Rickards, criticized the executive order.
He noted that according to him, the move to launch a U.S. government steblecoin (CBDC) could mean that U.S. authorities could block transactions in such digital dollars if they wanted to, including if those transactions are conducted by Americans. The criteria for blocking could be quite vague, which was also discussed by the interlocutors.
It was also mentioned that the U.S. CBDC can make transactions faster and cheaper than they are with classic cash or non-cash dollars.
Meanwhile, the topic of government-owned stablcoins was also touched upon by the head of the U.S. Federal Reserve Jerome Powell: according to Fox News, he said that the U.S. needs “appropriate regulation” of such digital assets, while such administration should not be in conflict with the rules that are prescribed for the operation of the securities market. He also noted that the U.S. central bank has “no intention of getting in the way of effective innovation.”
Powell also said that Stablecoins can give their users “clarity, transparency, and a full range of the qualities of very liquid, high-quality assets,” but shied away from discussing the limits of privacy in their use.
Recall that in July, Maxine Waters, Chairman of the House Financial Services Committee, developed with Representative Patrick McHenry of the Republican Party in the U.S. House of Representatives, a bill to regulate stablocoins, but its congressional hearing was unsuccessful. For his part, Powell said that the Fed “does not intend to continue to work on the issue of CBDC until that initiative has the support of both the U.S. government and Congress, and ideally if that support were to come in the form of legislation.