- Jay Powell announced that the Fed has completed the CBDC report
- They gave an approximate time frame for when it will be released
- This report became the cornerstone and triggered unrest in the market
Fed Chairman Jerome Powell said the cryptocurrency report is already in its final stages. The Federal Reserve will submit it in the coming weeks.
This news came on Tuesday at the Senate Banking Committee. It was preceded by a question from Senator Mike Krapo about the stage of the work on the report. Powell announced full readiness. But when asked about the timing, he answered evasively:
“I look forward to presenting it in the coming weeks. I hate talking about deadlines. ”
in vain – before that, the Fed postponed the deadline for the report several times.
What kind of report
In its report, the regulator is expected to give its vision of CBDC – central bank digital currencies. Powell said the committee has been studying the matter since China adopted its digital currency. However, the report may include other topics related to cryptocurrencies.
Impact of the Fed on the crypto industry
Sharp statements, actions and even inaction of the Fed have always provoked a sharp reaction from the market. For example, many experts believe that the delay in reporting is one of the reasons why Bitcoin began to fall since the beginning of the year.