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Tuesday, October 31, 2017

Crypto News: Trump to Appoint Bitcoin-Skeptic Powell as Fed Chair

Trump to Appoint Bitcoin-Skeptic Powell as Fed Chair

President Trump is widely expected to nominate Federal Reserve Board of Governors member, Jerome H. Powell, for Senate confirmation as the next chair of the Federal Reserve. The potential Fed chair has previously stated what he sees as a tension with bitcoin as the Fed “could face difficult trade-offs between strengthening security and enabling illegal activity.”

Mr. Powell has held a Fed governor’s seat since 2012, and is currently at the relative beginning of a term that would have kept him installed until 2028.

Governor Powell appears familiar with bitcoin as a currency and Bitcoin as a network.

This spring, he gave a talk titled Innovation, Technology, and the Payments Systemfor the Yale Law School Center for the Study of Corporate Law, during nearly half of which he spent discussing “distributed ledger technologies” (DLT) and “digital currencies.”

“Bitcoin helped bring [DLT] to public attention,” the governor began. “Using blockchain technology – which employs a form of DLT – and an open architecture, Bitcoin allows for the transfer of value (bitcoins) between participants connected to its ecosystem without reliance on banks or other trusted intermediaries,” he outlined.


Full story at http://bit.ly/2xGeniz


Source: Bitcoin News


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