Federal Reserve Chairman Jerome Powell has confirmed during the oversight of the Pandemic Response hearing (of both the Treasury Department and Federal Reserve) that the United States of America has no plans to ban either bitcoin (BTC) or other cryptocurrencies.
His response came in response to the questions raised by House Representative Ted Budd (R-N.C). Budd asked, “So Mr. Chairman, is it your intention to ban or limit the use of cryptocurrencies like we’re seeing in China?” While directing his question to Powell, Rep Ted Budd also cited the Fed chairman’s previous comments on CBDCs and their impact on stablecoins, bitcoin BTC, and other altcoins.
While answering Budd’s queries, Jerome Powell replied “No” and went on to explain how he had earlier misspoken about CBDCs and their effects on cryptos and stable coins. While stressing that he doesn’t intend to ban cryptocurrencies and stablecoins, Powell explained the need of bringing these digital coins into the regulatory framework.
While many bitcoiners were left frustrated by Powell’s incessant grouping of Bitcoin with other cryptocurrencies, most experts assume that the Fed Chairman was referring to bitcoin BTC as well while referring to stablecoins and cryptos.
During the hearing, House Representative Ted Budd also questioned Chairman Powell about the situation of rising inflation in the US and the measures taken by the Fed to allay that. While answering, Powell deflected the inflation-related questions and went on to claim that the rise in inflation was mainly due to the supply chain crises caused by the government. While underscoring the US government’s inability to control inflation currently, the Fed chairman suggested that the US inflation is likely to come down in “the first half of next year.”
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