Cryptocurrency Regulations United States

Federal Reserve Chairman: “The Fed Doesn’t Have Jurisdiction Over Cryptocurrency”

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Jerome Powell: The Federal Reserve “isn’t looking to regulate” Cryptocurrency

In a recent statement to the House Financial Services Committee, the Federal Reserve Chairman Jerome Powell indicated there was current desire for the U.S. central bank to regulate cryptocurrency, and that digital currencies are not seen as a threat.

The Fed doesn’t have jurisdiction over cryptocurrencies, and isn’t seeking to provide oversight – Jerome Powell

Cryptocurrency advocates can breathe a sigh of relief. Cryptocurrencies, such as Bitcoin, Litecoin, Etheruem and Verge Currency provide alternative systems to central banking. The news that the Federal Reserve is not seeking to regulate such currencies, may be a positive indicator for the markets.

Time will tell how central banks will adapt to the ever evolving world of digital money, but a hands-off approach is a good indication the markets will be allowed to thrive on their own.

Source: Bloomberg

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