Crypto News: Despite the adamant stance of the US Securities and Exchange Commission (SEC) on accepting cryptocurrencies, US Federal Bank officials continue to speak positively about the potential of the crypto market. The US Federal Reserve’s FedNow service, which is expected to be up and running in July 2023, is also targeting the instant payments space, but without the need for blockchain. However, Fed Governor Christopher J. Waller acknowledged the programmable nature and smart contract functionality of cryptocurrencies in his latest statement.
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Fed’s Waller recognizes the potential of smart contracts
The Fed governor highlighted the potential of smart contracts in the financial sector. Companies have been conducting currency transactions using blockchain technology with smart contracts in an effort to improve efficiency, he said in his “Innovation and the Future of Finance” talk at the Cryptocurrency and the Future of Global Finance event. Meanwhile, US regulators have drawn massive criticism from traders and lawmakers alike, with the US House Financial Services Committee’s hearing on SEC oversight accompanied by a harsh questioning of SEC Chairman 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 contract space with more currencies, eligible securities and new products.
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Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at [email protected]
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