Federal Reserve Chairman Powell Talks About Cryptocurrency, Sharing Three Major Messages!
First, Chairman Powell mentioned that they plan to restart the strategy of 'de-banking', which means kicking cryptocurrency companies out of the banking sphere. However, they also do not intend to create a central bank digital currency (CBDC), which is quite perplexing.
In the Senate Banking Committee, Powell was pressed by Committee Chairman Scott, and he candidly stated that it is quite necessary to reconsider the 'de-banking' issue. He said this is not something they are doing intentionally, but sometimes regulation can have unintended consequences, and they need to find a way to address it. Scott also urged him to vow to work with lawmakers to change this matter. Powell readily agreed.
Second, cryptocurrency companies operating in the U.S., especially exchanges, are complaining about the difficulty of opening accounts and the even harder time securing insurance. Take Coinbase, for example; last year it even sued the Federal Deposit Insurance Corporation (FDIC), claiming they were being sidelined. Powell said last month that as long as banks can manage risks well, they can share in the cryptocurrency pie.
Third, Powell didn't stop at just these points today. He also expressed their full support for researching the legal regulation of stablecoins. He said that stablecoins can bring great prospects for consumers and businesses, which sounds like a strong endorsement for stablecoins.
In summary, Powell's comments have stirred quite a wave in the cryptocurrency sphere; let’s see how things develop from here!
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