Fun

Federal Reserve Chairman Powell Says No Intention to Ban or Limit Use of Cryptocurrencies

News Feed - 2021-10-03 03:10:18

Federal Reserve Chairman Powell Says No Intention to Ban or Limit Use of Cryptocurrencies


Federal Reserve Chairman Jerome Powell confirmed during a hearing before the House Financial Services Committee that he has no intention to ban or limit the use of cryptocurrencies. He also commented on the regulation of stablecoins. Powell Says ‘No Intention to Ban’ Crypto


The chairman of the Board of Governors of the Federal Reserve System, Jerome Powell, talked about cryptocurrency, stablecoins, and central bank digital currencies (CBDC) during a hearing before the House Financial Services Committee Thursday. The main focus of the meeting, however, was the Federal Reserve’s and Treasury’s responses to the Covid-19 pandemic. Treasury Secretary Janet Yellen spoke for the Treasury Department.


U.S. Congressman Ted Budd from North Carolina said to Powell: “In a July hearing before this committee, you were asked about CBDCs or the central bank digital currencies and their impact on stablecoins and other cryptocurrencies, and you stated, ‘You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency.’”


Rep. Budd continued: So Mr. Chairman, as a matter of policy, is it your intention to ban or limit the use of cryptocurrencies like we are seeing in China.


Powell immediately replied: “No.”


The Fed chairman quickly followed his answer with an admission that he “had misspoken” earlier when he said, “you wouldn’t need cryptocurrencies.” Powell added, “Take the word cryptocurrency out of that sentence.”


Rep. Budd felt that Powell’s reply regarding the banning of cryptocurrencies was not clear enough so he asked again. “But, no intention to ban?” Powell confirmed that there is no intention to ban crypto.


The Fed chair proceeded to talk about stablecoins, stating: Stablecoins are like money market funds. They’re like bank deposits but they are to some extent outside the regulatory parameter and it’s appropriate that they be regulated, same activity, same regulation.


On Friday, the Wall Street Journal reported that the Biden administration is seeking to regulate stablecoin issuers as banks.


What do you think about Fed Chair Powell saying there is no intention to ban crypto? Let us know in the comments section below. SEC Delays 4 Bitcoin ETF Deadlines — Regulator "Finds It Appropriate to Designate a Longer Period of Time" REGULATION | 1 day ago Singapore Grants Crypto Licenses to DBS and Independent Reserve REGULATION | 1 day ago Tags in this story ban bitcoin, ban crypto, Ban Cryptocurrencies, CBDC, central bank digital currencies, China, Crypto regulation, Fed Chair Jerome Powell, Federal Reserve Chairman, stablecoin regulation, Stablecoins


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Seasoned Trader Eyes $35 For XRP, Says It’s Not As Crazy As It Sounds
Este artículo también está disponible en español. A well-experienced trader recently got significant attention after making a bold statement that an XRP price hike could
Stats Show Ethereum Transaction Fees Have Remained Under $5 During the Last 175 Days
Stats Show Ethereum Transaction Fees Have Remained Under $5 During the Last 175 Days Fees tied to the Ethereum network have been under the $5 region per transaction during the last
Ex-Ripple board member, Biden adviser joins Harris campaign: Report
Turner Wright7 hours agoEx-Ripple board member, Biden adviser joins Harris campaign: ReportEconomics adviser Gene Sperling joined Ripple’s board in 2015 after serving under Presidents Bill Clinton and Barack Obama.2260
American Panic Led to the Creation and Expansion of the Corrupt Federal Reserve System
American Panic Led to the Creation and Expansion of the Corrupt Federal Reserve SystemThe Federal Reserve System was created after the “Panic of 1907” and ever since its
William Suberg11 hours agoBitcoin bulls hold firm into weekly close: BTC price eyes $39.3KBTC price action is giving various popular market participants cause to prepare for upside BTC price continuation.6011 Total views
BTC to Gold Exchange Rate Surges to New All Time High of 17 Ounces per Bitcoin
BTC to Gold Exchange Rate Surges to New All Time High of 17 Ounces per Bitcoin Bitcoin’s record-breaking rally is continuing into the new year with the bit
Still Sleeping On XRP? Analyst Says $8 Breakout Is ‘Just Waiting’
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Data Shows Global Financial Conditions Tightest in 2 Years, Shaky Bond Markets Point to Long-Run Inflation
Data Shows Global Financial Conditions Tightest in 2 Years, Shaky Bond Markets Point to Long-Run Inflation At the end of the trading day on Monday, Wall Street was roiled once aga
XRP Will Print A New All-Time High If This Happens: Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Community Gets Prepping as Coronavirus Spreads
Crypto Community Gets Prepping as Coronavirus Spreads Crypto Twitter (CT) might not be the first place you’d think to look for pandemic survival strategies, but in recent w
Bitcoin to Be Digital Gold in 2020, Says Bloomberg Report
Bitcoin to Be Digital Gold in 2020, Says Bloomberg Report Bitcoin will mature into a gold-like store of value this year, according to the latest projections by Bloomberg. The financ
US Presidential Election Unlikely to Alter Bitcoin’s Path: Analyst
US Presidential Election Unlikely to Alter Bitcoin"s Path: Analyst Crypto analyst George McDonaugh says that the U.S. presidential election is unlikely to change