The long-awaited crypto and CBDC report from the Federal Reserve is ready to go and will be released in the coming weeks, according to Federal Reserve Chairman Jerome Powell.

These statements came during the testimony of “Jerome Powell” for his re-nomination, on Tuesday, before the Senate Banking Committee, and in response to a question about the status of the report from the Idaho senator, “Powell” replied by saying:

The report is already ready.

I expect to publish it in the coming weeks.

The report is likely to focus on central bank digital currencies, or CBDCs, which Powell said the Federal Reserve has been looking at since China launched its own digital yuan.

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But it seems possible that the report will also look at current crypto problems.

Powell also said the report will seek public opinions, and it remains unclear whether the report will provide any actionable guidance.

Jerome Powell and CBDC:

Powell repeatedly touched on the CBDC.

In November 2019, Congress first told that the Federal Reserve was looking for primary digital binary currencies in everyday business and transactions.

In February last year, Powell was particularly hawkish about central bank digital currencies, but said the Fed was looking very carefully at the digital dollar.

In April, the Federal Reserve Chairman was asked about America’s possible plan to develop a CBDC amid the rapidly developing Chinese digital yuan project.

He replied at that time:

It is more important to do it right than to do it quickly or feel that we need to rush to conclusions as other countries move forward.

Powell and Stable Coins:

While Powell may have held his cards close to his chest (an indication that he was hiding something) when it came to CBDC, he was much more free in his opinion and talk about stablecoins.

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In July last year, he testified before the House of Representatives and said that stablecoins should be regulated in ways similar to bank deposits and money market mutual funds.

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His statement also stated the following:

We have a tradition in this country where the public’s money is kept in what is supposed to be a very safe asset.

He also added that the regulatory framework for deposits and money market funds does not really exist for stablecoins.

During the July testimony, Powell also mentioned tether, which is the most popular stablecoin that once claimed to be backed by cash, but has since revealed that much of its support comes from commercial paper.

Powell’s comment about it was as follows:

Commercial papers are short-term, overnight commitments of companies.

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