{"id":256533,"date":"2021-05-21T15:05:26","date_gmt":"2021-05-21T12:05:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/feds-signal-crackdown-on-cryptocurrency-after-volatile-week\/"},"modified":"2021-05-21T15:05:26","modified_gmt":"2021-05-21T12:05:26","slug":"feds-signal-crackdown-on-cryptocurrency-after-volatile-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/feds-signal-crackdown-on-cryptocurrency-after-volatile-week\/","title":{"rendered":"#Feds signal crackdown on cryptocurrency after volatile week"},"content":{"rendered":"

“#Feds signal crackdown on cryptocurrency after volatile week<\/strong>”<\/p>\n

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The Federal Reserve and the Treasury Department are turning up the heat on cryptocurrency, signaling a crackdown could be coming after several days of volatility in the sector.<\/p>\n

Fed chair Jerome Powell said <\/a>in a rare video message posted Thursday that cryptocurrencies, which have grown to have a market cap of nearly $2 trillion, pose some risks to both individual investors and the broader financial system.\u00a0<\/p>\n

He also distinguished between volatile cryptocurrencies and so-called stablecoins, which are tied to the value of other currencies such as the US Dollar.<\/p>\n

\u201cAs stablecoin\u2019s use increases, so must our attention to the app<\/a>ropriate regulatory and oversight framework,\u201d Powell said, noting that businesses that process crypto payments could be a point of more regulation.\u00a0<\/p>\n

\"Jerome
Jerome Powell signaled that the Feds plan to crackdown on cryptocurrency in a rare video message.<\/span>Federal Reserve<\/span><\/figcaption><\/figure>\n

Powell also noted that the Fed is exploring how and whether cryptocurrencies could improve the current US financial system. He said the Fed has been exploring whether it should establish cryptocurrency of its own, called a central bank digital currency, or CBDC.<\/p>\n

He said the Fed will publish a discussion paper this summer on the benefits and risks of establishing a CBDC, and will seek public comment.<\/p>\n

\u201cWe think it is important that any potential CBDC could serve as a complement to, and not a replacement of, cash and current private-sector digital forms of the dollar, such as deposits at commercial banks,\u201d Powell added.<\/p>\n

\"Cryptocurrencies
Cryptocurrencies have grown to have a market cap of nearly $2 trillion.<\/figcaption>
Alamy Stock Photo<\/span><\/figcaption><\/figure>\n

The Treasury Department, meanwhile, said it\u2019s taking steps now to regulate the crypto world. It announced Thursday that it will require any transfer worth $10,000 or more to be reported to the Internal Revenue Service.<\/p>\n

\u201cCryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,\u201d the department said<\/a> as part of a broader announcement on the Biden administration\u2019s efforts to crack down on tax evasion. \u201cThis is why the President\u2019s proposal includes additional resources for the IRS to address the growth of cryptoassets.\u201d<\/p>\n

The regulatory attention comes after weeks of speculation that the Biden administration was preparing action on the crypto market, which has ballooned in popularity and value in recent months.\u00a0<\/p>\n

Thursday\u2019s announcements come after a particularly volatile week in the crypto space. The market tanked earlier this week after regulatory action in China. Almost $400 billion was wiped off the market in 24 hours, and has since largely recovered over the past couple of days.\u00a0\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Feds signal crackdown on cryptocurrency after volatile week” The Federal Reserve and the Treasury Department are turning up the heat on cryptocurrency, signaling a crackdown could be coming after several days of volatility in the sector. Fed chair Jerome Powell said in a rare video message posted Thursday that cryptocurrencies, which have grown to have…<\/p>\n","protected":false},"author":1,"featured_media":256534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/05\/crypto.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,106675,76127,70550,78738,70934],"class_list":["post-256533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-5-21-21","tag-cryptocurrency","tag-federal-reserve","tag-jerome-powell","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/256533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=256533"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/256533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/256534"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=256533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=256533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=256533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}