Misspoken About A Ban But Maintains Need for U.S. Crypto Regulation

[robertsmark]

Powell retracted his words on Thursday before the same committee. The U.S. Fed Reserve chair admitted to having misspoken and affirmed that the central bank did not have any intention of banning cryptocurrencies.

While he may not be in support of a total ban like what China has done, Powell still maintains that the digital coin industry needs regulating. He compares stablecoins to money-market funds and bank deposits that operate outside the regulatory perimeter. According to Powell, it is appropriate that these digital assets be regulated.

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