Fed Chair Powell Says Crypto “Appears to Have Staying Power”

In his testimony before the House Financial Services Committee Federal Reserve Chair Jerome Powell acknowledged the resilience of cryptocurrencies as an asset class. Additionally he acknowledged stablecoins as a kind of money and stressed the importance of strict federal control. Powell brought up current Fed conversations about regulating digital assets and emphasised that creating a CBDC is still a long term project. In general the statements show that the Fed accepts digital assets and intends to use them in its future decisions.