U.S. Federal Reserve Chairman Jerome Powell said he has no intention to ban cryptocurrencies. He also stated that stablecoins should be regulated.
United States Federal Reserve Chairman Jerome Powell, speaking before the House Committee on Financial Services, said that the authority had no issue to ban cryptocurrencies. Rather, he believes that the crypto market should be regulated in accordance with existing laws.
Although it was never likely that the U.S. government would completely ban cryptocurrencies, the remark will nevertheless bring a sigh of relief from investors. Powell was responding to a comment that he made earlier when he said that cryptocurrencies could be replaced by a central bank digital currency (CBDC).