Tagged: federal reserve

Financial Technology Association Comments on Federal Reserve Confirmations

Jerome Jay Powell Senate Banking Committee January 2022

The Financial Technology Association (FTA) has issued as statement on the confirmation of four nominees to the Federal Reserve’s Board of Governors, including Chair Jerome Powell, Vice Chair Lael Brainard, Dr. Lisa Cook, and Dr. Philip Jefferson. Penny Lee, CEO of the FTA, stated: “The… Read More

FedNow Service Pilot Achieves Message Delivery Milestone, Adds New Participants

Talk Proclaim Declare Announce News Speak Information

The Federal Reserve recently reported that it officially began onboarding pilot participants onto the FedNow Service, “signaling that the initial testing phase of the FedNow Pilot Program is underway.” A few organizations have now successfully “connected and delivered test messages over a pilot version of… Read More

Michael Barr, a Former Ripple Advisor, Nominated as Vice Chair for Supervision of the Federal Reserve

The White House

Former Ripple advisor, Michael Barr has been nominated by President Joe Bident to become the Vice-Chair for Supervision of the Federal Reserve. The selection was announced by the White House earlier today. According to the administration, Barr is currently the Joan and Sanford Weill Dean… Read More

Sarah Bloom Raskin Pulls Her Name from Fed Board Nomination

Sarah Bloom Raskin

Following questions regarding sufficient support in the US Senate, Sarah Bloom Raskin has decided to pull her name for consideration as a Federal Reserve Board Member. Yesterday, Senator Joe Manchin indicated he would not vote to confirm her nomination – potentially leaving the Senate without… Read More

Sarah Bloom Raskin’s Appointment to Federal Reserve Board Probably Doomed Following Senator Manchin’s Decision Not to Support Nominee

US Capitol Senate Washington DC

Sarah Bloom Raskin was selected by President Joe Biden to fill a seat on the Federal Reserve Board of Governors. Last January, Biden announced his decision to appoint Raskin as Vice Chair for Supervision of the Federal Reserve. At that time, Biden described Raskin as… Read More

Senior Federal Reserve Officials Banned from Holding Crypto as New Investing Restrictions Applied

US Blockade Block Halt Barrier

The Federal Open Market Committee has announced new restrictions on senior Fed officials in regards to investing and trading activities. According to a statement by the Fed, under the new rules, senior Federal Reserve officials are prohibited from purchasing individual stocks or sector funds, holding investments… Read More

BNP Paribas Asset Management Reveals How Digital Commerce Is Evolving as Big Players Emerge Outside China

BNP Paribas

Zhikai Chen, Head of Asia Equities at BNP Paribas Asset Management, notes that a number of factors justify their hopes for “a better year after the challenges that 2021 brought to Asian equities, and northern Asian equities in particular.” Chen writes in a blog post… Read More

Central Bank Actions Could Boost Crypto Prices: Green

Growth Money Up Higher Arrow

The founder of deVere Group predicts pending central bank interest rate announcements could cause a rise in the price of major cryptocurrencies this week. Nigel Green said the U.S. Federal Reserve, the Bank of England, the Central Bank of Norway, and the Reserve Bank of Australia,… Read More

Ethereum Experiences Burst of New User Adoption in Q3 due to NFTs, Bitcoin Records Steady Gains: Report

Ethereum Dollars iPhone

The team at Coin Metrics, including researchers Nate Maddrey and Kyle Waters have released their State of the Network Q3 2021 wrap-up report. In the latest edition of the State of the Network report, the Coin Metrics team has taken a data-driven look at what… Read More

Report: US Federal Reserve to Soon Publish Report, Request Public Feedback, on Central Bank Digital Currency

Digital Dollar Washington

The US Federal Reserve is poised to publish a report on the possibility of a central bank digital currency or CBDC. The concept has been bandied about by central bankers for several years now as policymakers seek to assess the benefits, and potential pitfalls, of… Read More

Lightning Protocol Mitigates Bitcoin Network’s Deficiencies as High-Cost, Slow Settlement System like Visa does for Fed Reserve: Report

Lightening Storm sean mcauliffe unsplash

Bitcoin’s (BTC) usage growth during the last 10 years has been “strong” and “steady,” and on this journey, from its “humble” beginnings, the flagship crypto has progressed through various phases of “differing usage,” according to a new report from CoinShares. Starting as a “worthless geeky… Read More

US Regulators Warn that Bitcoin, Other Cryptocurrencies Pose Significant Financial Stability Risk

Red Bitcoin copy

US Federal Reserve Chief Jerome Powell recently noted that cryptocurrencies pose significant risks to financial stability. Powell stated on Thursday (May 20, 2021) that greater regulation of crypto assets may be necessary. As reported by Reuters, the US Treasury Department cited concerns about wealthy people… Read More

US Federal Regulators Add Time to Comment Period on AI and Financial Services

Cyber Dollar AI Artificial Intelligence

As was reported last March, five federal regulatory agencies joined in a consultation pertaining to the usage of artificial intelligence (AI) and machine learning (ML) within financial institutions. The Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and… Read More

Fed Chair Jerome Powell Cautions that Bitcoin Investments and Trading Pose Major Risks, Not Suitable for Payments or Store of Value

Jerome Powell on IMF Panel on CBDCs

US Federal Reserve Chairperson Jerome Powell has cautioned that transacting in digital currencies such as Bitcoin can pose significant risks due to the high volatility nature of these new assets. Powell noted that virtual currencies remain highly volatile. He pointed out that Bitcoin may not… Read More

Bitcoin Is “Extremely Inefficient” when Used to Settle Financial Transactions, US Treasury Sec Janet Yellen Argues

Dr. Janet Yellen

US Treasury Secretary Janet Yellen stated on Monday (February 22, 2021) that Bitcoin is an “extremely inefficient” way to settle financial transactions. Yellen commented on how the digital currency’s price fell sharply (as usual) during morning trading hours, but then stayed above the $53,000 mark… Read More

US Federal Reserve Is Focused on Launching FedNow for Real-Time Digital Payments and Settlements

Lael Brainard

The US Federal Reserve, which is the central banking system of the country, has reportedly been working on a new real-time payment and settlement system, called FedNow. Governor Lael Brainard claims that the Fed plans to have FedNow fully operational as soon as possible. Brainard… Read More

Digital Dollar Team: COVID-19 Socio-economic Crisis Is a “Call to Action” for Fintech to Address “Persistent Deficiencies” in Money Distribution

Digital Dollar Money Lincoln

The developers of the Digital Dollar project have published a detailed whitepaper that outlines the steps required for the US to issue its own virtual currency. As confirmed in the paper, the Digital Dollar Project is being developed with the assistance of the Digital Dollar… Read More

Federal Reserve Boosts Main Street Lending Program in Ongoing Battle with COVID-19 Devastated Economy

US Federal Reserve Bank

The Federal Reserve Board has announced it is expanding the scope and eligibility for the Main Street Lending Program. The Federal Reserve developed the Main Street Lending Program to help credit flow to SMEs that were in sound financial condition before the pandemic but have… Read More

Federal Reserve Chair Jerome Powell Delivers Speech on COVID-19 Driven Fed Actions: Recovery Can be Robust

Jerome Powell 4.9.2020

Federal Reserve Chairman Jerome Powell delivered a speech today following the announcement of historic actions being taken by the central bank to stem the collapse of the once strong US economy. Earlier today, the Fed announced an unprecedented $2.3 trillion vehicle to backstop the economy… Read More

US Federal Reserve Announces Massive, New Programs to Backstop the Economy

Washington Monument DC Clouds Sky Dusk Mall

Today, the US Federal Reserve took unprecedented actions to provide up to $2.3 trillion in loans to support the economy. The Fed said the funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical… Read More

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