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Federal Reserve Chair Jerome Powell has emphasized the need for stronger cryptocurrency regulation to protect consumers and ensure financial stability, without stifling innovation. He supports a regulatory framework for stablecoins, comparing them to money market funds, and believes banks can serve crypto customers if risks are managed. Powell has rejected the Fed holding bitcoin or developing a central bank digital currency under his leadership, citing legal constraints and privacy concerns. He urges Congress to create a clear legal structure for digital assets to address risks like fraud and volatility.
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