Crypto volatility hasn’t had macroeconomic implications so far: Jerome Powell

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Tes­ti­fy­ing before the Sen­ate Bank­ing Com­mit­tee on Wednes­day, the chair of the U.S. Fed­er­al Reserve said the cen­tral bank is “not real­ly see­ing sig­nif­i­cant macro­eco­nom­ic impli­ca­tions so far” with regard to the recent cryp­tocur­ren­cy volatil­i­ty.

See relat­ed arti­cle: Bit­coin, Ether recov­er as Fed guid­ance reduces pol­i­cy uncertainty

Fast facts

  • Pow­ell tes­ti­fied at the Sen­ate Bank­ing Com­mit­tee that the cen­tral bank is care­ful­ly track­ing devel­op­ments in the cryp­to mar­ket, and “there’s a need for a bet­ter reg­u­la­to­ry framework.”
  • “The same activ­i­ty should have the same reg­u­la­tion no mat­ter where it appears and that isn’t the case right now,” Pow­ell said.
  • His com­ments come after the Fed last week agreed to a 0.75-percentage-point rate increase, rais­ing the bench­mark fed­er­al-funds rate to between 1.5% and 1.75%.
  • In May, U.S. Trea­sury Sec­re­tary Janet Yellen men­tioned Terra’s UST fias­co at a hear­ing and reit­er­at­ed her stance on bet­ter over­sight of cryp­to, includ­ing stablecoins.

See relat­ed arti­cle: Bit­coin, cryp­tocur­ren­cies return to red with soar­ing UK inflation

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