Federal Reserve Chairman Says Crypto Appears to Have Staying Power in US Economy
Federal Reserve Chairman Jerome Powell has acknowledged that cryptocurrency appears to have staying power as an asset class in the U.S. economy. In addition, he stated that the central bank views payment stablecoins as a form of money, emphasizing that it would be appropriate to have a robust federal role in what happens in stablecoin regulations going forward. Powell on Crypto’s Staying Power Federal Reserve Chairman Jerome Powell answered some questions about cryptocurrency and stablecoins during his testimony before the House Financial Services Committee on Wednesday. Congressman Warren Davidson (R-OH) stated that crypto currently has a market cap of about $1.1 trillion. He then asked Powell: “Do you acknowledge that this asset class has staying power in the U.S. economy?” The Fed chairman replied: It appears to have some staying power. Powell then noted that a year ago the market cap of the crypto market was a lot higher. Rep. Davidson promptly explained that the crypto ma