We have no intention of banning cryptocurrency

Before the House Financial Services Committee, the Chairman of the US Federal Reserve confirmed Jerome Powell , that the executive power "don't aim" To ban cryptocurrency.

According to Powell, who previously suggested replacing cryptocurrency with central bank digital currency (CBDC), the crypto market should be regulated based on current laws.

In response to a question from the Representative of North Carolina It was Tid Ted Budd Powell denied that a ban on cryptocurrency was being considered, along the lines of "Chinese Model".

He pointed out that the central bank digital currency (CBDC) “widely understood,” can perform the same functions as cryptocurrencies, but without the regulatory risks.

Cryptocurrencies need a regulatory framework

Powell's comments came in the midst of a heated debate over the regulation of crypto assets in the United States, which has intensified over the past months.

The cryptocurrency ban in China, so far, and increased regulatory scrutiny in the first place, has led to a backlash among both industry insiders and government officials, who are beginning to insist on clear and transparent guidelines from the main US watchdog, the Securities and Exchange Commission. and stock exchanges (SEC).

As the application of existing securities regulations to crypto assets could drive crypto investments outside the US, developing an objective framework that is less hostile to the industry continues to assert itself as a strategic decision.