Federal Reserve Chairman Jerome Powell on Thursday told lawmakers that there are no plans to ban cryptocurrencies but indicated that more regulatory oversight may be needed for stablecoins.
- Powell responded “No… no intention to ban them,” when he was asked by Republican Representative Ted Burr if he intended to ban or limit the use of cryptocurrencies, during a two-hour meeting with the House Financial Services Committee.
- Powell noted, however, that it is appropriate to regulate stablecoins as such assets to some extent are outside the regulatory perimeter, noting that the same activities should be under the same regulation.
- The Fed Chair’s remarks come two days after he requested to consult with Congress for legislative support over the digital dollar, which some believe would lead to bans on private crypto tokens as seen in China.
Treasury Secretary Janet Yellen also confirmed plans of the Internal Revenue Service to require lenders to disclose annual inflows and outflows from all accounts with over $600.
BTC is up 9.46%, ETH up 8.10%, and XRP up 9.29%.