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Fed Chairman Jerome Powell said the Fed has no intention of banning cryptocurrencies. Powel stated that stable coins need more control and monitoring.
Fed Chairman Jerome Powell spoke to the House Financial Services Committee. Stating that the Fed has no intention of banning cryptocurrencies in his speech here, Powell said that stable coins need more surveillance and control.
Asked whether he had any intentions to ban or limit the use of cryptocurrencies, Powell replied, "No, I have no intention of banning them."
Powell compared stablecoins with money market and bank deposits and said, "Stable coins are outside the regulatory framework and it would be appropriate to supervise and regulate them."
