Powell Supports Innovation in the Economy, While Ensuring Careful Crypto Regulations

Powell on crypto risks: We see turmoil, fraud and lack of transparency

Speaking before Congress, Fed Chair Jerome Powell discusses how the central bank plans to look at the risky cryptocurrency market and the risks posed by crypto assets, stablecoins, and other related activities.

While he acknowledges the importance of innovation for the economy, he also notes that there is a lot of turmoil, fraud, lack of transparency, and run risk in the crypto space.

Powell emphasizes the need for regulated financial institutions to take great care when engaging with the crypto space and to give prior notice to the Federal Reserve.

The Federal Reserve has issued notices along with the FDIC and O.C.C. to address these risks.

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About the Author: Lauren Dillon

Lauren Dillon is a crypto-journalist with years of experience covering the industry. She has a deep passion for spreading awareness about the potential of blockchain technology and its potential to improve the world. She holds a degree in business information technology and decades of experience in marketing software and consulting services.

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