Fed’s Quarles Says It’s ‘High Priority’

The U.S. federal government has taken an interest in cryptocurrencies. Federal Reserve Bank of Cleveland President and CEO Loretta Mester said that the Fed is “thinking about what a U.S. central bank digital currency would look like,” Bloomberg reported. Mester stressed that the Fed doesn’t have a timeline for rolling out a virtual currency, but it does support the idea. (The cryptocurrency community quickly dubbed this the Mester Plan, and who are we to argue?)

Federal Reserve Vice Chairman Randal Quarles said that cryptocurrencies are “quite challenging” for the central bank, but that their potential to empower consumers and lower barriers to commerce and trade was “interesting and exciting.” “Cryptocurrencies are quite challenging to the traditional ways that we do business,” Quarles said in an interview with Bloomberg Radio. “I think that what’s exciting about it is the technology that’s involved here could have implications for the efficiency of the financial system.”

This text is sensitive. Click edit and regenerate for new copy.. Read more about crypto regulations 2020 and let us know what you think. U.S. government agencies are working urgently on a common regulatory framework for cryptocurrencies, confirmed Randal Quarles, the Federal Reserve’s vice president for supervision. Along with the OCC and the FDIC, we are currently participating in what we call a sprint to try to bring together views on the regulation of cryptocurrencies.

US agencies work together to develop a common regulatory framework for cryptocurrencies

Federal Reserve Vice Chairman for Oversight Randal Quarles spoke on Tuesday about regulators’ efforts to oversee cryptocurrencies, Reuters reports. In response to a question from a member of the Senate Banking Committee regarding cryptocurrencies and their illegal use, Quarles highlighted the work of the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) regarding this issue. He confirmed that U.S. financial regulators are working together to address problems with cryptocurrencies, stating: With the OCC and the FDIC, we are currently in what we call a sprint, trying to gather input on this particular issue. Quarles noted that regulatory discussions include the overall regulatory framework, capital treatment and operational treatment. It stressed that the establishment of a common supervisory structure is a top priority and said it expects results in the near future. Quarles’ testimony on Tuesday reflects what he told Rep. Tom Emmer told a House Financial Services Committee hearing. Quarles and the currency’s new acting controller, Michael Hsu, confirmed that multiple agencies are coordinating their approach to regulating cryptocurrencies. Hsu, who called for a review of all cryptocurrency standards at the OCC after taking office, told the committee: This is really a very important issue. I think the rise of crypto-currencies has gotten a lot of attention. The new head of the OCC said he had discussed with Quarles and FDIC Chair Elena McWilliams the possibility of forming an interagency group to develop cryptocurrency policies, as these were the issues the commission was concerned about before the meeting. Quarles then also stated: We take a very close look at these issues related to crypto-currencies, with the intention of getting answers and sharing opinions fairly quickly. I’m sure it can be done. In addition, the new chairman of the SEC, Gary Gensler, recently said that crypto-currency exchanges need to be further regulated. However, Congressman Jim Himes said this week that Congress is not ready to take action against cryptocurrencies and that he does not expect cryptocurrency legislation to pass through Congress anytime soon. What do you think of the fact that US regulators are working on a cooperation framework for cryptocurrencies? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The crypto-currency market took a dive last week, after SEC chief Jay Clayton said that all tokens that function as securities are subject to securities laws. However, the market has since recovered after FDIC chairman Martin Quarles said that the central bank is interested in both cryptocurrencies and blockchain tech. While Quarles said that the primary purposes of the blockchain are faster payments and more secure records, he also said that the bank is looking at the use of cryptocurrency for central bank-issued “digital currency.”. Read more about blockchain & cryptocurrency regulation 2020 and let us know what you think.

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