US Fed Governor Waller Sees Potential In Crypto For Settlements

Crypto News: Despite the U.S. Securities and Exchange Commission’s (SEC) adamant attitude to accept cryptocurrencies, the US Federal Bank officials continue to voice out positively about the potential of crypto market. The US Federal Reserve’s FedNow service, which is expected to be operational by July 2023, also addresses the instant payments space, but without the need for blockchain. However, Fed Governor Christopher J. Waller in his latest statement acknowledged that programmable nature and smart contract functionality of cryptocurrencies.

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Fed’s Waller Recognizes Smart Contracts Potential

The Fed Governor emphasized on the potential of smart contracts functionality in the financial sector. Firms have executed foreign-exchange trades using blockchain technology with smart contracts in an attempt to improve efficiencies, he said in his speech on “Innovation and the Future of Finance,” at the Cryptocurrency and the Future of Global Finance event. Meanwhile, the US regulators have been facing massive criticism both from the traders and lawmakers, with the US House Financial Services Committee hearing on the SEC’s oversight involving a tough line of questioning for SEC Chair 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 contracts space with with more currencies, eligible securities, and new products.

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