Coinbase CEO Met With Federal Reserve Chair Powell in May

[Magepai]

The meeting was scheduled for May 11. "The design of a CBDC would raise important monetary policy, financial stability, consumer protection, legal, and privacy considerations and will require careful thought and analysis—including input from the public and elected officials," the Fed chair said in a video message on May 20.

One day prior, on May 19, the acting Currency Comptroller Michael Hsu suggested forming an inter-agency task force with the Fed and FDIC specifically dedicated to crypto.

The May 11 meeting between Armstrong and Powell coincided with a crash in the price of Bitcoin and other cryptocurrencies. Over the course of that week, Bitcoin dipped from the high $50,000s to around $40,000.source