Fed | Bauer met Coinbase CEO on 5/11! Visit to Washington to talk about cryptocurrency regulation and the threat of China’s CBDC

Fed | Bauer met Coinbase CEO on 5/11! Visit to Washington to talk about cryptocurrency regulation and the threat of China's CBDC

According to Fed Chairman Ball’s calendar record, he plans to meet with cryptocurrency exchange giant Coinbase CEO Brian Armstrong and former House Speaker Paul Ryan on May 11. Although it was not a public itinerary, Armstrong took a photo with the former speaker in Washington, D.C. a few days later.
(Summary of the situation: Fed officials questioned: Don’t push digital dollars for a momentary “fanatic blind obedience” )
(Event background: pressure from the US State Department? Advice to the President of El Salvador: Do your best to supervise Bitcoin )

niceThe National Association of Nations recently released the May calendar of Chairman Jerome Powell, showing that a meeting with Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the United States, was arranged on May 11. And the former Speaker of the House of Representatives, Paul Ryan.

Fed | Bauer met Coinbase CEO on 5/11! Visit to Washington to talk about cryptocurrency regulation and the threat of China's CBDC
-Federal Board Chairman Bauer arranged for 511 to meet with the CEO of Coinbase|Source: Fed official website-

However, the reason why Ryan attended is still unclear. After resigning as Speaker of the House of Representatives in early 2019, he joined the American film and television giant Fox Corp as a director. In February of this year, he also became a private equity investment with assets of more than $1 billion. Partner of the company Solarmere Capital.

Although it is not certain that this project will actually take place, and the topic of discussion has not been announced, Armstrong did share a series of tweets on the Adventures of Washington, DC on May 15. Although Bauer was not mentioned, it did include a photo with Ryan and also met Nancy Pelosi, Ryan’s successor and current Speaker of the House of Representatives.

A Coinbase spokesperson said to foreign media “CoinDesk” that apart from Armstrong’s tweet, the company has nothing to add.

Further reading: Coinbase CEO wrote: “Self-custodial, DeFi” is a priority, and an Apple-like encrypted app store will be built

Further reading: Lock bank users! Coinbase pushes an annualized 4% USDC savings account; does Rising Star Compound Treasury meet an opponent?

Discuss regulation, CBDC with Washington officials

As for the reason why Coinbase CEO Armstrong went to Washington, D.C. to meet with many members of Congress and senior federal agencies, he wrote in a tweet:

The goal is to build relationships and help answer questions about cryptocurrencies. See what we can do to help the United States gain more regulatory clarity in this area as part of the work of the newly formed Committee on Cryptographic Innovation (CCI)

The Crypto Council for Innovation was co-founded by Coinbase and Fidelity Digital Assets, crypto venture capital Paradigm, and electronic payment company Square in April this year , focusing on the development of crypto regulations around the world.

In addition, Armstrong also revealed that he also expressed his views on Central Bank Digital Currency (CBDC) in Washington:

I also expressed my views on China and its central bank’s digital currency. This is true. They are acting quickly, and I believe that if the United States does not act quickly to establish its own CBDC, it will pose a long-term threat to the US reserve currency status.

It is worth noting that Fed Board Councilor Lael Brainard subsequently delivered a public speech on May 24 , emphasizing that it will increase attention to the progress of CBDC research, and pointed out that the leading countries in the development of CBDC will have a “significant impact on the global financial system.” “This is an important issue concerning the dominance of the U.S. dollar.

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