U.S. Federal Reserve Chairman Jerome Powell said he does not intend to ban cryptocurrencies, but said stablecoins need greater regulatory oversight.
Powell made the comments in a two-hour long House Financial Services Committee meeting on Thursday. The meeting, meant to serve as a forum for representatives to ask Treasury Secretary Janet Yellen and Powell about the Treasury Department’s and Federal Reserve’s pandemic response, featured several questions about cryptocurrencies.
When asked about stablecoins, Powell compared them to money market funds or bank deposits.
“They’re to some extent outside the regulatory perimeter, and it’s appropriate that they be regulated. Same activity, same regulation,” Powell said.
Article from coindesk.com