Federal Reserve Chairman Jerome Paul Paul said the central bank is “not really seeing significant macroeconomic impacts from crypto volatility.” The chairman of the federation stressed the need for a better crypto control framework.
The chairman of the federation, Paul Crypto, said he needed better regulation.
Federal Reserve Chairman Jerome Paul testified to the Senate Committee on Banks, Housing and Urban Affairs on Wednesday in his “Senate Monetary Policy Report to Congress.”
Senator Kyrsten Sinema (D-AZ) asked the federation if it was monitoring crypto activities in light of recent market volatility, and what implications crypto has on broader economic outlook and monetary policy.
“Of course we are watching those events carefully,” Paul Meles explained.
[We are] Significant macroeconomic impacts have not yet been identified.
“The main implication is that what we are really talking about, and others have been talking for a while, is that in this new place, there really is a need for a better control framework,” he emphasized.
Paul goes on to say:
The same movement should have the same rules everywhere and not now.
In March, the chairman of the federation said, “Our regulatory framework is not built in the digital world. Stablecoins, Central Bank digital currencies and digital finance generally require changes to existing laws and regulations or completely new rules and frameworks.”
Paul told the Senate Banking Committee on Wednesday that the central bank was committed to lowering inflation that the federation believes could happen. “We understand the problem of high inflation at the federal level.
He asserted that the US economy was on the verge of a recession: “This is not the result, but it is possible. What we want is a 2% inflation and still a strong labor market.
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