Claim BonusUS Fed Governor Waller Sees Potential In Crypto For Settlements
Crypto News: Despite the U.S. Securities and Exchange Commission’s (SEC) adamant attitude to accept cryptocurrencies, the US Federal Bank officials continue to voice out positively about the potential of crypto market. The US Federal Reserve’s FedNow service, which is expected to be operational by July 2023, also addresses the instant payments space, but without the need for blockchain. However, Fed Governor Christopher J. Waller in his latest statement acknowledged that programmable nature and smart contract functionality of cryptocurrencies.
Also Read: Montenegro Charges Terra’s Do Kwon, Extradition Delayed Further
Fed’s Waller Recognizes Smart Contracts Potential
The Fed Governor emphasized on the potential of smart contracts functionality in the financial sector. Firms have executed foreign-exchange trades using blockchain technology with smart contracts in an attempt to improve efficiencies, he said in his speech on “Innovation and the Future of Finance,” at the Cryptocurrency and the Future of Global Finance event. Meanwhile, the US regulators have been facing massive criticism both from the traders and lawmakers, with the US House Financial Services Committee hearing on the SEC’s oversight involving a tough line of questioning for SEC Chair Gary Gensler.
Governor Waller also mentioned the risks associated with tokenization and the use of smart contracts. However, he said there could be growth in the smart contracts space with with more currencies, eligible securities, and new products.
Also Read: EU Parliament Votes In To Regulate Crypto; Bitcoin Drops 2%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- How Iran’s Central Bank Acquired $507M in Tether’s USDT to Support the Rial
- Ripple Partners With DXC To Integrate XRP Payments Into $5 Trillion Banking Network
- Ripple CEO Reiterates Support for CLARITY Act as White House Crypto Czar Signals Regulatory Progress
- Trump Tariffs: E.U. Suspends U.S. Trade Deal Amid Tensions Over Greenland
- Senate Ag. to Release Crypto Bill Text Today Ahead of Jan. 27 Markup: What to Know
- Bitcoin Price Prediction Ahead of Key US Inflation and GDP Data
- XRP Price Forecast as Binance Officially Lists Ripples’s $RLUSD Stablecoin
- Dogecoin, Shiba Inu, and PEPE Predictions as Bitcoin Price Drops Below $90k
- Is Pi Network Price Going Through a Tough January?
- Chainlink Price Prediction After 24/5 Stock Data Launch: What’s Next For LINK?
- XRP Price Eyes a 25% Rebound Ahead of Brad Garlinghouse Statements at Davos Summit
