Michael Barr, the head of the central bank's regulatory division, emphasized that the Federal Reserve is currently in the preliminary research stage and would require official legislation from Congress to formalize any action.
Kyle Roche is said to have talked to Ripple's CEO about investing in a law firm that would take on lawsuits from competitors like the ones Ripple was facing in the U.S.
In court records, the SEC declared, 'After reasonable inquiry, the material known and currently accessible is not adequate to enable the Commission to admit or refuse this motion.'
The Securities and Exchange Commission (SEC) of the United States has suspended a $62 million worldwide cryptocurrency trading and mining fraud, and the Department of Justice (DOJ) has charged the scheme's CEO and creator. According to the Justice Department, if convicted on all counts, he faces a possible total punishment of 45 years in prison.
Michael Barr, an Obama-era Treasury official, still faces a difficult Senate confirmation vote.