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“We have no intention of banning cryptocurrencies” United States

Jerome Powell stated that stablecoins should enter the regulatory framework.

Jerome Powell, chairman of the United States Federal Reserve, confirmed this week that the American powerhouse has no plans to ban Bitcoin and cryptocurrencies.

On Thursday afternoon, during the Federal Reserve and Treasury Department Oversight hearing, Powell again asserted that the Fed has no intention of practicing a ban similar to those imposed by China.

During the hearing, the head of the Fed responded to the questions of the representative of the House Ted Budd, who asked him if he had the intention to prohibit or limit the use of cryptocurrencies as is happening in the Asian giant.

Powell denied such claim, saying that “there is no intention to ban them” and explained that stablecoins should enter the regulatory framework.

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Budd’s questioning referenced Powell’s earlier comments on central bank digital currencies and their impact on stablecoins, Bitcoin, and other cryptocurrencies. Budd recalled that Powell had expressed that no “the United States would not need stablecoins or cryptocurrencies if there was an American digital currency.”

From a regulatory standpoint, there is still a lot of work ahead in the United States. Congress and the Fed should define more precisely and from there make an informed decision about whether and to what extent Bitcoin should be regulated.

In any case, the regulation of Bitcoin by the United States would not mean a ban, but quite the opposite and with a totally different approach to the Chinese one. Experts and analysts agree that the Chinese restrictions are nothing more than an advantage to the American crypto ecosystem.

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