Yesterday during Congressional testimony, Federal Reserve Chair Jerome Powell clarified that the Federal Reserve has no plans to ban stablecoins but does intend to regulate them.
Congressman Tedd Budd inquired about testimony from Powell during a July Congressional hearing in which Powell stated, “You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital US currency.”
Budd asked, “As a matter of policy, is it your intention to ban or limit the use of cryptocurrencies like we’re seeing in China?”
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