{"id":510045,"date":"2017-12-01T14:16:24","date_gmt":"2017-12-01T14:16:24","guid":{"rendered":"http:\/\/coinhash.co\/fed-and-trump-keeping-an-eye-on-bitcoin\/"},"modified":"2017-12-01T14:16:24","modified_gmt":"2017-12-01T14:16:24","slug":"fed-and-trump-keeping-an-eye-on-bitcoin","status":"publish","type":"post","link":"https:\/\/www.free-ebooks.net\/crypto\/fed-and-trump-keeping-an-eye-on-bitcoin\/","title":{"rendered":"The Fed and Trump are ‘Keeping an Eye on Bitcoin’"},"content":{"rendered":"
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Bitcoiners from the U.S. may have some more stringent battles to fight ahead as multiple government agencies are looking into the use of cryptocurrencies and some officials seem somewhat cynical. For instance, the country\u2019s Internal Revenue Service has been granted permission<\/a> by a federal judge to review Coinbase accounts for people who transacted with $20,000 or more from 2013-2016. Then a couple of days later the Federal Reserve\u00a0<\/span>revealed<\/span><\/a>\u00a0it was contemplating its own digital currency, but launching the idea is a different story. The president of the Fed\u2019s New York branch, William Dudley, explained he believes bitcoin and cryptocurrencies are \u201cmore of a speculative activity.\u201d<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n

Bitcoin Is Being \u2018Monitored\u2019 by Our Team<\/span><\/p>\n

Following the statements from the New York Fed executive on November 30, president Trump\u2019s press secretary, Sarah Sanders\u00a0discussed bitcoin briefly at the White House press briefing. A reporter asked Sanders whether or not the president was following cryptocurrencies \u201cspecifically the major run-up with bitcoin,\u201d explains the journalist.<\/span><\/p>\n

\u201cDoes he have an opinion on it, and does he feel it is now something that needs to be regulated?\u201d asks the reporter. The press secretary Sanders explains the government is watching bitcoin\u00a0<\/span>stating<\/span><\/a>; \u00a0 \u00a0 \u00a0\u00a0<\/span><\/p>\n

The [Bitcoin situation] is something that is being \u2018monitored\u2019 by our team \u2014 Homeland Security is involved. I know it\u2019s something that he\u2019s [Trump] keeping an eye on \u2014 And we\u2019ll keep you posted when we have anything further on it.<\/em><\/strong><\/p>\n

\"Trump<\/div>\n

Trump\u2019s press secretary, Sarah Sanders.<\/em><\/strong>Members of the Federal Reserve Are Concerned About Cryptocurrency Spillover Effects<\/em><\/span><\/p>\n

In addition to the White House press secretary\u2019s comments the U.S. Federal Reserve vice chairman, Randal Quarles stated on the same day that the rise of cryptocurrencies poses a threat to \u201cfinancial stability.\u201d Discussing the subject at the\u00a0<\/span>2017 Financial Stability and Fintech<\/span><\/a>\u00a0event, Quarles said retail investors and regulators need to watch out for threatening \u201cspillover effects\u201d tethered to the popularity of digital assets. The reason Quarles is concerned is because decentralized currencies are not backed by traditional reserves, and suffer from significant price swings.<\/span><\/p>\n

\u201cRisk management can act as a mitigant, but if the central asset in a payment system cannot be predictably redeemed for the U.S. dollar at a stable exchange rate in times of adversity, the resulting price risk and potential liquidity and credit risk pose a large challenge for the system,\u201d explains Quarles during the Fed\u2019s conference.<\/span><\/p>\n

Like many U.S. officials and agencies, Quarles says research is needed and testing these cryptocurrencies to see if they can handle financial stress. \u201cIt is not clear whether the payment system would be able to function, in times of stress,\u201d Quarles emphasizes.<\/span><\/p>\n

Images via Pixabay, the White House, the Federal Reserve logo and Bloomberg.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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This article originally appeared at: https:\/\/news.bitcoin.com\/trump-and-the-federal-reserve-are-keeping-an-eye-on-bitcoin\/.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoiners from the U.S. may have some more stringent battles to fight ahead as multiple government agencies are looking into the use of cryptocurrencies and some officials seem somewhat cynical. For instance, the country\u2019s Internal Revenue Service has been granted permission by a federal judge to review Coinbase accounts for people who transacted with $20,000 […]<\/p>\n","protected":false},"author":1019,"featured_media":509984,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[100550],"tags":[100558,100585,100601,100614],"class_list":["post-510045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-cryptocurrency","tag-fed","tag-government"],"_links":{"self":[{"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/posts\/510045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/users\/1019"}],"replies":[{"embeddable":true,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/comments?post=510045"}],"version-history":[{"count":0,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/posts\/510045\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/media\/509984"}],"wp:attachment":[{"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/media?parent=510045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/categories?post=510045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/tags?post=510045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}