In a stunning revelation, Federal Reserve Chair, Jerome Powell, has declared that he will not be the one to usher in the era of the Central Bank Digital Currency (CBDC)!
During a recent Senate Banking Committee meeting, Powell revealed his stance to Senator Bernie Moreno, who might have felt a breeze from crypto-backed political action committees in his 2024 election. With a smirk, Powell assured the committee that the Fed will not release a CBDC under his watch, which is scheduled to end in May 2026.
The Senate hearing, which focused on the semiannual monetary policy report to Congress, also touched upon debanking policies. In response to questions from Senators Tim Scott and Cynthia Lummis, Powell mentioned that the Fed would reconsider its stance on these matters.
It seems that Powell has never explicitly guaranteed that the Fed would not issue a CBDC. However, during a March 2024 Senate Banking Committee hearing, he did mention that the US was “nowhere near recommending or let alone adopting a central bank digital currency in any form.”
🐘 Republicans’ War on Digital Dollar 🐘
Republican lawmakers in the House, Senate, and the White House seem determined to prevent the release of a US dollar-pegged CBDC. With their trifecta in government, they have made it a policy priority.
President Donald Trump even issued an executive order on Jan. 23, 2023, banning the “establishment, issuance, circulation, and use” of a digital dollar. However, many legal experts have questioned his authority over the matter.
An anti-CBDC bill, introduced by Representative Tom Emmer, passed the House in May 2024, mostly along party lines. The bill was then referred to the Senate Banking Committee, where its fate remains uncertain.
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2025-02-11 23:01