Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

PayPal Exec Says Federal Reserve System Needs Fundamental Change

by Daily Hodl Staff
January 30, 2020
in Blockchain, Regulators
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

The House Financial Services Committee held a hearing on Thursday to discuss the rise of fintech and its impact on cash. The committee’s Task Force on Financial Technology, led by ranking member Tom Emmer, focused on how consumers are making payments in the 21st century and how the digital economy can engage underbanked customers.

Rep. Emmer, who has called upon his fellow lawmakers in the past to take more of a pro-crypto stance to improve financial services, began by highlighting the importance of exploring a digital US dollar.

“I’d also like to acknowledge the former ranking member French Hill for his efforts in this space. Rep. Hill wrote a letter to the Federal Reserve supporting further research into the concept of a digital dollar. This concept could both speed up transactions and provide convenience for consumers. But it can also extend access to those previously excluded and help bring more people into our increasingly digital world.”

Leaders from PayPal, the New Economy Project, the Brookings Institute, Consumer Reports and the U.S. Faster Payments Council were called to give testimony, commenting on cryptocurrencies – including Bitcoin, Etherum, EOS, XRP, Monero and Zcash – as well as customer authentication and digital payments, among other topics.

Usman Ahmed, head of global public policy at PayPal, says that the banking system is due for a revamp.

“I would just note that for the core banking architecture, I think there would probably be some changes needed in terms of the Federal Reserve System. But for smaller valuation or smaller amount payments, I think you already are seeing some blockchain-based systems that enable the movement of money. I think there are examples out there. We talked about XRP or others that kind of offer this.”

Ahmed also says the cryptography aspect of cryptocurrencies is being leveraged to create solutions that reduce the number of actors with access to sensitive financial information.

But Christina Tetreault, senior policy counsel at Consumer Reports, argues that the promise of cryptocurrencies has already been lost.

“We have looked at cryptocurrency. I made remarks almost six or seven years ago that the original promise of cryptocurrency was returning power to consumers. And what in fact has happened in the intervening years is that what we’ve seen is an infrastructure that’s built up, that’s largely acting as an intermediary, that consumers are not truly empowered to ‘be their own bank’. And that these intermediaries are often underregulated, under-supervised, that there aren’t clear rules of the road.

And so the promise of cryptocurrency, in many ways, has been lost. There are any number of needs, not the least of which is to fold them into payments law in a more rational way – and a rationalized payments law overall.”

Such a “folding”, however, hints at efforts to fit innovative technologies into old legal frameworks, perhaps overlooking the need to create an entirely new approach to governance.

Emmer countered Tetreault by parsing the definition of “rational” and distilling how a subjective term can be turned into a basis for establishing facts and providing consumer protections, harming innovation.

Says Emmer,

“As defined by you or someone else what is rational – seriously, it’s your definition of what’s rational. Because there’s a whole environment out there of brilliant, genius, young people who are coming up with new ways to transfer value every single day, and I worry that we’re going to crush that entrepreneurial spirit and that advancement.”



Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/enzozo

Submit a Press Release

Crypto Livewire – Press Releases

  • How Traders Are Gaining by Holding Crypto: Staking Tron (TRX) and Cardano (ADA)
    January 21, 2021
  • QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
    January 15, 2021
  • The Online Family Office and High Net Worth Blockchain Conference
    December 22, 2020
  • How Blockchain Empowers Wuhan’s Digital Economy Growth – World Blockchain Conference
    December 14, 2020
  • SnapEx Adds LINK, BNB and TRX Alongside Sign-Up Bonus on a Sleek New App
    December 11, 2020
Submit a Guest Post
Bitcoin
$32,265.00
$32,265.00
0.68%
Ethereum
$1,254.60
$1,254.60
0.49%
XRP
$0.272733
$0.272733
0.52%
Litecoin
$140.01
$140.01
0.53%
Bitcoin Cash
$431.14
$431.14
2.86%

Spotlight

  • Crypto Whale Moves $1.1 Billion of Ethereum-Based Asset SNX, Pays Just $7.45 in Fees
    January 16, 2021
  • Top Analyst Says One Crypto Asset Could Follow Aave’s Astronomical 58,000% Breakout
    January 20, 2021
  • DeFi and the Bitcoin Bull Run Trajectory: CoinGecko Report
    January 17, 2021
  • Crypto Regulation Will Accelerate Stampede of Money Into Bitcoin, Says Michael Saylor
    January 21, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2020 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.