Yesterday, Fed Chairman Jerome Powell said that cryptocurrencies needed to be regulated, potentially panicking crypto (and economic freedom) fanatics. Powell claims that the fed’s current frameworks were not designed for digital assets.
Some consider cryptocurrencies necessary means against government regulations and centralized power. For this reason, El American and FEE issued a report detailing the conservative case for cryptocurrencies. Similarly, that same year we explained how Bitcoin could “smash” socialism in Venezuela.
On the case against cryptocurrencies, China formally banned their use on September 2021, citing threats to its fully-controlled financial system. China’s intent, as explained by El American’s Juan Felipe Velez that same year, is to “establish global rules for cryptocurrencies.”
In November 2021, when faced with though questions from House Republicans, Fed Chairman Jerome Powell said the U.S.—unlike China—had no intent to ban cryptocurrencies.
The question now remains to what extent will the U.S. regulate the use of cryptocurrencies? Only time will tell.
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Luis Cornelio
English, Editor-in-Chief
Luis Cornelio is the English Editor-in-Chief at El American. After graduating cum laude from the Colin Powell School for Civil and Global Leadership, he went on to intern at the Heritage Foundation. Most recently he served on President Donald Trump's re-election campaign, writing research articles on topics including law and order, immigration, and the Supreme Court. He also currently works as the Director of Communications for Got Freedom and researcher for the election integrity watchdog Amistad Project. A Dominican-American, he was granted U.S. citizenship in February 2020.
// Luis Cornelio es el English Editor-in-Chief de El American. Después de graduarse cum laude de la Escuela Colin Powell de Liderazgo Civil y Global, pasó a ser pasante de la Heritage Foundation. Recientemente, participó en la campaña de reelección del presidente Donald Trump escribiendo artículos de investigación sobre temas como la ley y el orden, la inmigración y la Corte Suprema. Actualmente trabaja como director de Comunicaciones de Got Freedom y es investigador para el grupo de integridad electoral, el Amistad Project. Un dominicano-americano, se le otorgó la ciudadanía americana en febrero de 2020.