Coinbase executives continue to move among the big names in the financial landscape. This month it was the turn of the chairman of the US Federal Reserve, Jerome Powell.
According to Powell’s work schedule for May, the Fed head held a face-to-face meeting with the head of cryptocurrency exchange Coinbase Global Inc. on May 11.
Paul Ryan, the former Speaker of the US House of Representatives, was also invited to the event.
The meeting lasted half an hour and there were no further details on what topics were discussed or who was leading the discussions. Bloomberg tried to contact the Fed and Coinbase, but neither side commented on it.
Jerome Powell is not exactly what you would call a cryptocurrency character. In fact, he has repeatedly criticized their volatility and the fact that their technology limits state control.
In a recent seminar sponsored by the Bank for International Settlements, Powell attacked bitcoin, denying that it could compete with the dollar despite the blow to the US economy.
But despite his aversion to cryptocurrencies, Powell is aware of the potential the digital dollar can have for the US economy. CBDC is still in its infancy in the United States. However, the US wants to speed up the pace to avoid a possible loss of geopolitical power after China’s advances.
And just a day after meeting Coinbase, Powell held a videoconference with Chris Giancarlo of the Digital Dollar Project to discuss possible issues related to U.S. CBDCs. The next day the meeting continued.