{"id":50466,"date":"2021-09-30T21:05:42","date_gmt":"2021-09-30T18:05:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50466"},"modified":"2025-09-02T18:10:15","modified_gmt":"2025-09-02T15:10:15","slug":"jerome-powell-the-fed-has-no-plan-to-ban-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/jerome-powell-the-fed-has-no-plan-to-ban-cryptocurrencies\/","title":{"rendered":"Jerome Powell: The Fed has no plan to ban cryptocurrencies"},"content":{"rendered":"<p>The Federal Reserve System (Fed) does not plan to ban cryptocurrencies, but some digital assets must be brought under regulatory oversight. This was stated by Fed Chair Jerome Powell during testimony before the House Financial Services Committee of the U.S. Congress.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Powell: No plan to ban crypto <a href=\"https:\/\/t.co\/HEPEFLAoSh\">pic.twitter.com\/HEPEFLAoSh<\/a><\/p>\n<p>\u2014 Blockworks (@Blockworks_) <a href=\"https:\/\/twitter.com\/Blockworks_\/status\/1443612299584024582?ref_src=twsrc%5Etfw\">September 30, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Representative Ted Budd asked Powell whether the Fed would follow the example of the People&apos;s Bank of China (PBoC) and impose a \u201cban or restriction\u201d on the use of cryptocurrencies in the United States. The Fed chair answered in the negative, but stressed the need to regulate stablecoins.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cStablecoins are similar to money-market funds, to bank deposits, but to some extent lie outside the regulatory perimeter. It is quite appropriate to bring them within the regulatory field. The same activity, the same regulation,\u201d \u2014 he said.<\/p>\n<\/blockquote>\n<p>Earlier the PBoC named cryptocurrencies and stablecoins <a href=\"https:\/\/u1f987.com\/en\/news\/pboc-views-cryptocurrencies-as-a-threat-to-the-traditional-financial-system\">a threat to the traditional financial system<\/a> and ruled that the activity of platforms that enable the exchange of digital assets among themselves or for fiat <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-slips-below-42000-as-china-tightens-crypto-trading-regulation\">is illegal<\/a>.<\/p>\n<p>On September 28, seven members of Congress sent Powell a <a href=\"https:\/\/emmer.house.gov\/2021\/9\/emmer-urges-fed-chair-to-support-digital-asset-innovation\">letter<\/a>, which includes four questions regarding the Fed\u2019s stance on custody of cryptocurrencies in federal banks, as well as the agency\u2019s role in shaping international standards for <span data-descr=\"central bank digital currency\" class=\"old_tooltip\">CBDC<\/span>.<\/p>\n<p>Back in July, Powell said that the introduction of the digital dollar <a href=\"https:\/\/u1f987.com\/en\/news\/fed-chair-the-emergence-of-a-digital-dollar-would-dent-bitcoins-popularity\">would hurt Bitcoin&apos;s popularity<\/a>.<\/p>\n<p>Read ForkLog&apos;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Reserve does not plan to ban cryptocurrencies, but some digital assets must be brought under regulatory oversight. This was stated by Fed Chair Jerome Powell during testimony before the U.S. House of Representatives&apos; Committee on Financial Services.<\/p>\n","protected":false},"author":1,"featured_media":50467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,1249,1440,26],"class_list":["post-50466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-federal-reserve-system","tag-jerome-powell","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=50466"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50466\/revisions"}],"predecessor-version":[{"id":50468,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50466\/revisions\/50468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/50467"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=50466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=50466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=50466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}