Powell Federal Chair Stablecoin Money Forms
  • Powell testified before the House Financial Services Committee on Wednesday.
  • He discussed various topics related to digital assets on Wednesday.
  • Bitcoin broke above the $30,000 level for the first time in two months today.

US Federal Reserve Chairman Jerome Powell says cryptocurrencies appear to have some “sustainability” as an asset class.

The Fed Should Play a Role in Crypto Legislation

On Wednesday, he also argued that central banks should play a role in the regulatory framework being developed for stablecoins.

We consider payment stablecoins to be a form of money. The ultimate source of trust in money is the central bank. We believe it is appropriate for the federal government to play a strong role.

In his speech, Chairman Powell said: testimony at the House Financial Services Committee today.

Interestingly, even though the SEC recently filed lawsuits against both Binance and Binance, his statement suggests he will accept crypto assets. Coinbase Global Co., Ltd..

CBDC likely not coming soon

Chairman Powell confirmed this morning that members of the Federal Reserve have held discussions with lawmakers on a cryptocurrency bill.

leave us [U.S. Federal Reserve] Its role is weak and it would be a mistake to allow the generation of large amounts of private capital at the national level.

In his testimony, he also said that a central bank digital currency, or “CBDC,” is unlikely to materialize in the near future.his remarks arrived shortly after FOMC It was the first rate hike since March 2022.

Also on Wednesday, Bitcoin broke above the $30,000 level, with technical analysis suggesting it could climb further to $34,000, according to on-chain data provider Glassnode (more info here).

By Jules

Leave a Reply