Federal Reserve Chairman Powell conferred with Coinbase CEO Brian Armstrong and former Speaker of the House Paul Ryan on May 11th.
In a move that has sparked curiosity in the financial world, Federal Reserve Chair Jerome Powell met with Coinbase CEO Brian Armstrong on May 11, 2021. The meeting, which lasted for 30 minutes, also had a surprise attendee - former US House Representative Speaker Paul Ryan.
The meeting took place during a week of volatility in the cryptocurrency market, including bitcoin, adding an extra layer of intrigue to the event. The exact details of the discussion between the three individuals are not publicly disclosed, leaving much to speculation.
However, it is known that the Federal Reserve is currently digging deeper on the possibility of a digital dollar. On May 20, Powell announced that the Fed would release a discussion paper this summer, focusing on the benefits and risks associated with Central Bank Digital Currencies (CBDC).
The meeting between Powell and Armstrong was made public on July 2, 2021, from Powell's monthly meeting calendar. Brian Armstrong later tweeted a lengthy thread about his experiences in D.C. on May 14, but the specific details of the meeting were not mentioned.
Interestingly, Powell also met with the former Chairman of the U.S. Commodity Futures Trading Commission, J. Christopher Giancarlo, on May 12, 2021. The virtual meeting between the two lasted for 30 minutes, but the subject of the discussion remains unknown.
Since leaving politics in 2019, Paul Ryan has been working with private equity firm Solamere Capital. His presence at the meeting with Powell and Armstrong, while not explicitly confirmed, adds a political dimension to the gathering.
On October 21, the Federal Reserve is hosting a Payments Innovation Conference, which is expected to delve deeper into the topic of digital payments and the potential role of CBDCs. As the financial landscape continues to evolve, these meetings and initiatives will undoubtedly shape the future of digital currency in the United States.
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