[2017-11-30]Trump’s Federal Reserve Nominee: Cryptos “Don’t Really Matter Today”

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President Donald Trump’s nominee for Chair of the Federal Reserve, current Board Governor Jerome “Jay” Hayden Powell, participated in the constitutionally mandated US Senate confirmation process by way of a hearing on 28 November 2017. Bitcoin and “cryptocurrencies are something we monitor very carefully,” Mr. Powell answered in direct questioning about current and future Fed policy toward decentralized currencies.

Federal Reserve Under Oath about Bitcoin
Incredible valuations. Historic price rise. Mass adoption numbers. The Year of Bitcoin has achieved yet another official milestone: it is now a formal policy consideration by regulators of the world’s largest economy.

Tuesday afternoon in Washington, DC, Jay Powell sat before a sparsely attended, mostly pro-forma senate hearing. A current Fed governor nominated by President Obama to serve a 14 year term, Mr. Powell is widely considered to ease through to confirmation in the Republican-controlled upper body.

Georgia Senator, Republican David Alfred Perdue, Jr took asked the nominee a series of questions. Completely switching topics, he ended his line of thought with queries at the 1 hour and 35 minute mark about a subject sweeping professional finance circles: bitcoin.

Senator Perdue began, “We have another bubble that is some 4 to 5 times the size of the dot com bubble in the late 1990s, and that has to do with the cryptocurrencies like bitcoin,” he said.

SOURCE: https://news.bitcoin.com/trumps-federal-reserve-nominee-cryptos-dont-really-matter-today/

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[iamTom123]

I am sensing that soon we can see the US government seriously looking at cryptocurrency with Bitcoin at the top for the purpose of regulating it. Personally, I am not against regulation if the main purpose is to make the field more fairer and to weed out corrupt and scammers within the industry (which is already happening right now) but it should not be aimed to kill or maimed what is being regulated. I am expecting that any move by the government has to be in consultation with the industry affected and they should not based anything on the media and those people who are anti-Bitcoin from the very beginning. The regulation of something should be done in an open environment with no vested interest making a stake above that of the whole industry like cryptocurrency. Under this kind of atmosphere, we should welcome a good-intention move for a clearer and broader regulatory framework for Bitcoin.

[warrior333]

I am sensing that soon we can see the US government seriously looking at cryptocurrency with Bitcoin at the top for the purpose of regulating it. Personally, I am not against regulation if the main purpose is to make the field more fairer and to weed out corrupt and scammers within the industry (which is already happening right now) but it should not be aimed to kill or maimed what is being regulated. I am expecting that any move by the government has to be in consultation with the industry affected and they should not based anything on the media and those people who are anti-Bitcoin from the very beginning. The regulation of something should be done in an open environment with no vested interest making a stake above that of the whole industry like cryptocurrency. Under this kind of atmosphere, we should welcome a good-intention move for a clearer and broader regulatory framework for Bitcoin.

Do you think that Americans will legalize bitcoin? I don't believe it. America has become the number one country in the world only due to the fact that he imposed the world its model of the financial system and the use of the dollar. Bitcoin destroys this model. I am sure that the Americans will fight against bitcoin. No matter what politicians say. It is important that they do.

[Taki]

I am sensing that soon we can see the US government seriously looking at cryptocurrency with Bitcoin at the top for the purpose of regulating it. Personally, I am not against regulation if the main purpose is to make the field more fairer and to weed out corrupt and scammers within the industry (which is already happening right now) but it should not be aimed to kill or maimed what is being regulated. I am expecting that any move by the government has to be in consultation with the industry affected and they should not based anything on the media and those people who are anti-Bitcoin from the very beginning. The regulation of something should be done in an open environment with no vested interest making a stake above that of the whole industry like cryptocurrency. Under this kind of atmosphere, we should welcome a good-intention move for a clearer and broader regulatory framework for Bitcoin.

Do you think that Americans will legalize bitcoin? I don't believe it. America has become the number one country in the world only due to the fact that he imposed the world its model of the financial system and the use of the dollar. Bitcoin destroys this model. I am sure that the Americans will fight against bitcoin. No matter what politicians say. It is important that they do.

It is the truth that there are few people who know and take a part in bitcoin, it's like a drop in the sea indeed. I would not give such a big meaning to Tump's words, he is a milliarder already and he may not care about other thing as bitcoin and crypto currencies. But I think it is going to be the same like with gun control in the USA, some states will legalize bitcoin and some not. That's the most possible future for the USA.

[Guardian.P]

I think that they will legitimize him most likely. Now the dollar on the background of bitcoin, looks like a bubble, but only that does not burst and will release air. Dolars can be printed as many US banks as possible, unlike Bitcoin

[Mark Promo]

And how can they control decentralized currency? Or did he say this in the context of the fact that they can legalize or prohibit bitcoin as a means of payment?

[steadyrice]

I am sensing that soon we can see the US government seriously looking at cryptocurrency with Bitcoin at the top for the purpose of regulating it. Personally, I am not against regulation if the main purpose is to make the field more fairer and to weed out corrupt and scammers within the industry (which is already happening right now) but it should not be aimed to kill or maimed what is being regulated. I am expecting that any move by the government has to be in consultation with the industry affected and they should not based anything on the media and those people who are anti-Bitcoin from the very beginning. The regulation of something should be done in an open environment with no vested interest making a stake above that of the whole industry like cryptocurrency. Under this kind of atmosphere, we should welcome a good-intention move for a clearer and broader regulatory framework for Bitcoin.

Do you think that Americans will legalize bitcoin? I don't believe it. America has become the number one country in the world only due to the fact that he imposed the world its model of the financial system and the use of the dollar. Bitcoin destroys this model. I am sure that the Americans will fight against bitcoin. No matter what politicians say. It is important that they do.

That is correct, however the USA is one of the handful of countries where bitcoin is considerably widespread and people invest in it heavily. Which means money is being taken off the grid. If you as a government want to outlaw bitcoin and cryptocurrencies in general, you are missing out on all of that sweet sweet tax that you could make off of them. Legalizing does not necessarily mean the dollar will take a backseat to bitcoin (which will never happen anyway), they will merely regulate it so that they can tax it.