Fed Chairman Jerome Powell mentioned US central financial institution officials are even now closely viewing the cryptocurrency industry amid the financial and monetary turmoil.
Last evening, June 22 (Vietnam time), Federal Reserve Chairman Jerome Powell testified just before a Senate committee. Asked about the effect of the current cryptocurrency industry on Fed policy, Powell mentioned the Fed is even now monitoring the problem “very carefully” but is not also concerned, incorporating that the central financial institution “has never seen any macroeconomic impact. significant so far. “
Powell sees no “macroeconomic implications” from swings in bitcoin costs, but a “better regulatory framework” is even now required
► https://t.co/StovttFxvM https://t.co/StovttFxvM– Decrypt (@decryptmedia) June 22, 2022
However, Mr. Powell mentioned instant action is required to set operational specifications for this discipline:
“… In this really imaginative and nascent room, there is a actual will need for a far better regulatory framework. The very same enterprise must have the very same set of guidelines, since quite a few digital monetary solutions are, in some methods, rather very similar to people that presently exist in classic banking or capital markets. . So we have to do it. “
Mr. Powell was also questioned about stablecoins, digital assets linked to fiat but much less volatile than Bitcoin and regarded the backbone of the cryptocurrency industry. He replied that stablecoins are an emerging fork and do not at the moment have the “fit for purpose” regulation they will need. Finance Secretary Janet Yellen previously cited the collapse of the FSO to phone for a regulatory framework for stablecoins. This is viewed as an possibility for the government and lawmakers to additional quickly “connect” to the cryptocurrency industry.
With US inflation hitting a four-decade higher, the Fed as soon as once again decided to raise interest rates from 0.75% to 1.75%. Prior to this information, Bitcoin fluctuated wildly. Combined with quite a few income incidents in the previous, quite a few huge gamers have fallen into insolvency Bitcoin misplaced $ twenty,000 for the 1st time in 18 months, Ethereum is back in the “top 3”. Both the cryptocurrency industry and the classic stock industry seem to have been beaten and traversed Bad sufficient 12 months.
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