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Jerome Powell, the head of the Fed believes that the control of the cryptocurrency space is important and necessary. In his opinion, there is a lot of chaos and unrest, however, innovations in this industry should not be suppressed. According to Jerome Powell, there are enough fraudulent structures in the crypto industry, and financial institutions should exercise great caution when they interact with the crypto industry. Answering congressmen&#39;s questions about the cryptocurrency industry, Jerome Powell pointed out that in the United States it is necessary to create a legal framework that would regulate the digital industry. He stressed that there may be a place for Bitcoin and stablecoins in the economy, but with appropriate regulation and control. Powell believes that stablecoins can function in the United States, but they need appropriate professional regulation. The head of the Fed also believes that cryptocurrencies in general can become a component of technological innovations in the United States, but banks should be careful when working with cryptocurrency companies. Powell is confident that there are significant risks, insufficient transparency, and fraud in the cryptocurrency industry, which is why it needs regulation. The Fed is not going to pursue technologies related to the cryptocurrency space Jerome Powell emphasizes that the Fed is not going to engage in digital technology pressure. In general, the speech of the head of the Fed was devoted to the issues of inflation, the labor market and unemployment. In response to his speech, the Bitcoin exchange rate reacted very restrained. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/6b3b56a54df149a5a812b2a7933ccf7c.png" />At first, the price of Bitcoin initially dropped to $ 22,000, but soon regained its positions. But overnight, the Bitcoin exchange rate returned to the $22,000 mark. The forecasts of skeptics that the Bitcoin exchange rate will collapse have not come true. In turn, the White House commented on the speech of the head of the Fed, and stressed that they were not going to interfere with the Fed&#39;s actions, and rates would indeed have to be raised more than planned. However, the markets were ready for such a development. As for the Fed&#39;s attitude to the cryptocurrency industry, it is already good that the agency has a generally positive attitude towards cryptocurrencies and stablecoins. Of course, the Fed is also in favor of strengthening control over the crypto space, but it is unlikely that the agency would have a different attitude to virtual assets.

Fed is monitoring the cryptocurrency space — no wonder

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Alte articole publicate pe 8 mar. 2023

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