It’s quite apparent that crypto isn’t going anywhere. With its sudden rise in popularity among mainstream investors, the crypto industry has steadily taken over the Finance sector. It still has a long way to go, but traditional investment moguls have started to take crypto as a serious contender. The latest news comes from the Fed. Jeremy Powell, who is the chair of the Federal Reserve, has announced that an extensive report on crypto will soon be released officially by them. When asked about the delay regarding its release, he hinted that it was due to the sudden changes in monetary policies that were made.
The real intentions
However, almost everyone is aware of the fact that the Federal Reserve is also trying to cut into the crypto action. It’s likely that the bank will be releasing its own cryptocurrency in the near future.
The Situation Now
The Federal Reserve has found itself in quite a fix after the recent scandals and horrendous policy decisions. All these led to the resignation of Clarida, the ex-chair. Apart from that, Federal Reserve is now competing with China that has given CBDC a green-go. There is no other option available to the Fed apart from the legalization of crypto. The thing that remains to be seen, however, is whether all coins will be legalized or not. It is likely that only stablecoins along with the Fed’s own digital dollar will be legalized. On the other hand, it’s also possible that the Fed will only legalize its own digital crypto.