During his testimony before the House Financial Services Committee, Chairman of the Federal Reserve, Jerome Powell, made it abundantly clear that he isn’t too concerned about the “explosive growth of digital money or even the cryptocurrency industry as a whole”.
After seeing a massive drop in value since the start of 2018, the cryptocurrency sector seems to be gaining quite a lot of traction in the past few weeks. As things currently stand, the alt-asset market as a whole is valued at nearly $295 billion.
However, Powell feels that this number does not pose a major threat to the US central banking system and hence there are no plans to regulate the market at the moment.
It is also worth noting that Powell made it clear that “ the Fed does not have any legal jurisdiction over the cryptocurrency sector”. But with that being said, in recent months, Federal agencies such as the SEC and CFTC have been aggressively clamping down on a host of crypto-related businesses that have been operating in violation of existing financial laws and guidelines within the US.
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