US Fed Chair Jerome Powell hints that the agency should continue to assess developments in the crypto ecosystem and did not see cryptos as a financial stability risk for US markets.
- Powell, responding to a question on crypto from Michael Derby of the Wall Street Journal on Tuesday, supported conclusions of a report of President’s Working Group that stablecoin issuers should be subject to “appropriate federal oversight.”
- The Fed Chair stated that stablecoins are certainly a useful, efficient consumer-serving part of the financial system when they are properly regulated.
- He further stated that the payment network was immediately systematically important did not have relevant regulations and protections.
- Powell was supporting the Biden administration’s most recent position on digital assets in his Senate confirmation hearing to be the next Fed chair.
Meanwhile, the Fed Chair still described digital currencies used as speculative assets as risky and not supported by anything.
BTC USD up +1.84%, ETH USD up +4.87%, SOL USD up +11.13%Source: CoinTelegraph