Fed chair calls for Congress to move on crypto regulatory apparatus
During a press conference on January 29, Federal Reserve Chair Jerome Powell discussed the need for a regulatory framework around cryptocurrencies. He indicated that banks are capable of servicing crypto customers if they manage associated risks. Powell emphasized that while the Fed does not oppose innovation, there should be measures to prevent banks from discontinuing services to legal crypto customers due to regulatory apprehension. He remarked on the importance of a stronger regulatory presence and noted that Congress is actively working on this issue, particularly in light of concerns about stablecoins impacting financial stability. Powell, who has led the Fed since 2018, reaffirmed the role of Congress in establishing a better regulatory apparatus for cryptocurrencies. Following his comments, Bitcoin's price increased by about 3%, briefly surpassing $104,000.
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