ICYMI: n light of Russia sanctions, Fed chair calls for legislative framework to stop illicit crypto use
In an appearance before Congress today, the chair of the Federal Reserve made a rare commentary on legislation, addressing crypto in sanctions avoidance on the part of Russia.on monetary policy before the House Financial Services Committee. The testimony, originally scheduled for March 1, featured a shift in priorities given Russia's invasion of Ukraine and the subsequent surge in financial sanctions.
Powell is famous for his insistence on the Fed's limited role, emphasizing twin priorities of maximum employment and stable prices across his term. When asked about sanctions, he was similarly cautious about overemphasizing the Fed's role. "We provide technical support. We implement those sanctions, and we make sure that banks obey them," said Powell."But we're not the decision-makers on those things. These are decisions that are made at the level of the elected government, not at the level of the Fed."
However, Representative Juan Vargas made special note of concerns about cryptocurrencies in sanctions evasion, in response to which Powell gave a rare legislative opinion: "It underscores the need for congressional action on digital finance, including cryptocurrencies. Ultimately what's needed is a framework in particular, ways to prevent these unbacked cryptocurrencies from serving as a vehicle for terrorist finance and general criminal behavior — tax avoidance and the like. That's what I would say, but I don't really know the extent to which it's happening, but you read about it in the paper.
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