U.S. Fed Said Cryptocurrencies Like Bitcoin Have "Staying Power."
Bitcoin after yesterday’s Jerome Powell’s remarks accelerated its ascent and is currently trading well past the $30K mark amid its >50% dominance. Powell said that cryptocurrencies like Bitcoin have "staying power."
Federal Reserve Chairman Jerome Powell said on Wednesday, June 21, that the central bank should have a "strong federal role" in regulating stablecoins, which make up a “sizable portion of the overall cryptocurrency market and that lawmakers want to regulate”. Powell also noted that cryptocurrencies like Bitcoin have "staying power."
His remarks came during the biannual monetary policy hearings of the Republican-led House Financial Services Committee on Capitol Hill, led by Patrick McHenry (R-NC).
In response to a question from Maxine Waters (D-CA) about stablecoins, Powell said the technology — tokens pegged to the price of government currencies like the U.S. dollar and issued by private companies — should be subject to strict federal oversight.
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