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U.S. Fed Reserve Won’t Ban Crypto, Says Chair Jerome Powell

U.S. Crypto Regulation

October 1, 2021

Reading Time: 2 minutes

The crypto community is receiving terrific news from the U.S. Fed Reserve chair Jerome Powell. It looks like cryptocurrencies are in the U.S. to stay according to Jerome.

No Worries of a China-Ban on Crypto in the U.S.

Increased call for U.S. crypto regulations from government officials has had the community worried since the beginning of the year. Granted, the fret of the crypto players was valid considering the many lawsuits SEC has brought against many popular crypto exchanges. Many have opted to stay clear of clients based in the United States.

The strict securities laws in the U.S. have been criticized for crippling the crypto industry. Elon Musk recently commented in an interview with Code Conference, that while the government’s influence in crypto will not succeed, it would alternatively slow down the advancement of the industry.

The assurance from Fed Reserve chair Jerome Powell is therefore highly needed for the industry. The U.S. Fed Reserve is also working on issuing its digital dollar. Speculations arose that the institution may get rid of other digital coins in the market to pave way for its own.

Moreover, back in July, Powell told the House Financial Services Committee that “you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency.” His comments add to the validity of the crypto community’s worry.

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

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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