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US Federal Reserve Chairman Jerome Powell said at a press conference that thought cryptocurrencies posed no threat to the financial stability of the US economy. This fall, Jerome Powell expressed his tolerant view on bitcoin and other cryptocurrencies. He also hopes that in 2022, the crypto market will be completely transparent and regulated. This will attract more new investors who may not be afraid of losing their money.
The Fed chairman reiterated that the regulation of the crypto market was necessary to ensure that American investors were protected when using bitcoin and stablecoins.
Jerome Powell is sure that the crypto market is on the right track but it needs constant monitoring and regulation so that consumers could avoid potential risks of losing their funds.
In an interview with The Wall Street Journal, Powell mentioned the report by the US President's Working Group on crypto regulation. The head of the central bank highlighted that stablecoin issuers should be regulated by the government.
This procedure will be quite similar to the supervision and regulation of banks. According to Jerome Powell, "stablecoins can certainly be a useful, efficient consumer-serving part of the financial system if they're properly regulated." Besides, "they have the potential to scale particularly if they were to be associated with one of the very large tech networks that exist," he added.
Powell further noted that investors rely on the US Federal Reserve which is now committed to protecting their interests and their hard-earned money. Therefore, the Fed will prioritize the safety and security of investors' funds.
Jerome Powell also made it clear that, unlike China, the US will not take drastic measures and ban cryptocurrencies. Stablecoins and the entire crypto market are not a concern for the US economy.
The Fed Chair believes that only clear regulations and rules in the crypto market will help find a compromise for both the economy and investors. Jerome Powell has always been tolerant towards cryptocurrencies.
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