The Senate Banking Committee hearing held today will determine the fate of Trump's recent candidates to the Federal Reserves Board. Judy Shelton, known for her unusual views, including support tips for the crypto asset industry, is one of them.
Shelton is a defender of a system like the gold standard. However, it also emphasizes the need for such common anchors to heal the bright yellow metal so that it can better serve the digital economy.
Echoing the Crypto Industry: Shelton Doesn't Think Fed Should Make Monetary Policy
The two Trump candidates will face a Senate grid before voting to fill the remaining seats on the Central Bank's Board of Directors today. One of them is Judy Shelton, the advocate of returning to something like the gold standard.
Shelton is known as a fan of hard money policy and is not very affected by central banks. Without explicitly mentioning crypto assets, the partner advocated views that seemed to defend a global digital account unit.
In a clip shown as part of a video sent by CNN Earlier today, Shelton says:
“We need another Breton Woods or at least we need to think in terms of a neutral reference point, a global account unit, a gold standard that is updated to reflect a digital world, and fast moving financial flows.”
He may be the first true bitcoin advocate in the Federal Reserve. An important story to watch. https://t.co/qboctdfxıc
– Nik Bhatia @timevalueofbtc Instagram photos and videos • Imgwonders February 13, 2020
Of course, Trump previously said that he is against any alternative to the US dollar. Still, he has recently become a staunch critic of Federal Reserve president Jerome Powell.
"I am not referring to independence in the legislation that defines the role of the Federal Reserve for the United States."
Will Shelton Get the Job?
Political and economic analysts are largely determined whether the Fed's board is about to receive its first crypto-friendly member. Diane Swink, chief economist for accounting firm Grant Thornton, said:
"If Congress is as committed to Fed's independence as it seems, then it must be a brainless to pass."
Others claim that President Trump, the post-incident scandal, is willing to stay away from the opposition within the Republican party. Cato Foundation's monetary policy expert George Selgin believes that Trump candidate Christopher Waller, as well as Shelton, both have high chances in the Federal Reserve board:
"… Few Republican senators may face the risk of discontent at a time when Trump feels both victorious and justified."
If both Shelton and Waller were successful, Trump would personally install six of the seven governors. In Shelton, the US president would also put crypto assets on someone who is very sympathetic to the core of ideas in a very high position in the world's most powerful bank.
Related Reading: Analysts Say Crypto Market Does Not Believe Bull Run Yet Expects More Gain
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