Will Sarah Bloom Raskin Turn The Fed Against Bitcoin?

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Sarah Bloom Raskin. Source.

Progressive darling Sarah Bloom Raskin testified in Congress before the Senate Banking Committee earlier this month, in a hearing regarding her confirmation as the country’s top banking supervisor. The vote will take place tomorrow in the U.S. Senate. Highlights of the testimony are detailed below.

Raskin is the pick to fill the important vice chair and head of supervision role for the Federal Reserve’s Board of Governors. This is a relatively new position at the Fed, created by Congress in 2010 following the Great Financial Crisis. The head of supervision sets rules for banks’ required capital levels and balance-sheet liquidity and oversees compliance to the rules. It is also an important position for any shaping of new bitcoin regulations, as far as they might apply to U.S. banks.

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