Fed chair nominee: Fed is lagging behind in developing blockchain strategy and global CBDC ecosystem

Federal Reserve Chair nominee Perianne Boring, founder and chair of the U.S. Chamber of Digital Commerce (CDC), commented on the Federal Reserve’s cryptocurrency regulatory framework and policy.

Boring said there are hundreds of billions of dollars worth of stablecoins already circulating in the cryptocurrency economy today.

The Fed is ultimately behind when it comes to developing a blockchain strategy and really understanding how the Fed will play out and the global CBDC ecosystem.

The best approach for the Fed is to work with the private sector, leveraging technologies that have been developed and are used today. I think this is really a positive sign, and it also shows that there is a real opportunity for the US to continue to lead the blockchain ecosystem.