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US Jerome Powell Says He Has “No Intention” to Ban Crypto

US Jerome Powell Says He Has “No Intention” to Ban Crypto News
  • Jerome Powell has disclosed that he has no intention of banning cryptocurrency in the US.
  • Powell said this when he was asked to give clarity to his previous comments that CBDC’s will overcome crypto.

The US Federal Reserve chairman Jerome Powell has expressed that he does not have the intention of banning cryptocurrency in any way. Of note, Powell said this in a two-hour Financial Services Committee meeting on Thursday.

Powell disclosed all these when Rep. Ted Budd (R-N.C.) — a member of the Congregational Blockchain Caucus questioned his previous statement that central bank digital currencies (CBDC) will replace crypto. Moreover, Powell even added that authorities have to exercise greater regulatory oversight, particularly on stablecoins.

He said,

They’re to some extent outside the regulatory perimeter, and it’s appropriate that they be regulated. Same activity, same regulation,

Also, the meeting was a forum for representatives to question Treasury Secretary Janet Yellen and Powell on matters about the Treasury Department’s and the Federal Reserve pandemic response.  Even more, another member from the Congressional Blockchain Caucus asked Yellen to define digital assets for tax-accounting purposes.

Prior, Powell’s assertions on crypto came two days after he asked for support to develop the digital dollar. However, the crypto community is thinking that the evolution of the US CBDC could lead to a ban on private crypto.

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Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.