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Federal Reserve Chairman Jerome Powell recently made some important statements that could mark a turning point for the cryptocurrency industry. As major institutions begin to pay more and more attention to Bitcoin, Powell mentioned the evolution of cryptocurrencies and announced that cryptocurrencies are moving towards mainstream adoption. Coupled with legislative proposals on stablecoins and the stance of US regulators, the future of the digital asset market is brighter than ever.
Newsletter
Powell supports the establishment of a legislative framework for stablecoins and emphasizes the importance of regulation.
Currently, stablecoins such as USDC and Tether are worth $227 billion.
Powell proposed to relax banking rules to encourage innovation and the integration of cryptocurrencies.
The GENIUS Act and the STABLE Act aim to regulate stablecoins in the coming months.
Cryptocurrencies, growing in popularity
Jerome Powell's speech was eye-catching. He made it clear that cryptocurrencies, especially stablecoins, are currently at the stage of mainstream adoption. He said that legislation underway in the US Congress (House of Representatives and Senate) should be able to establish a legal framework for stablecoins. He emphasized that such regulation is necessary and beneficial.
Regulators take a more favorable stance
The Fed, long seen as a conservative approach, now seems to be aiming to become more flexible. Powell confirmed that the Fed has no intention of restricting banks’ relationship with the cryptocurrency industry. He stressed that while maintaining a cautious stance, some guidelines could be relaxed to encourage responsible innovation in the digital asset space.
This opens the door for banking institutions to become more involved in the cryptocurrency ecosystem, potentially facilitating its adoption. However, Powell also acknowledged that integrating digital assets into the traditional financial system presents complex challenges. Therefore, he stressed the need for a broader and more comprehensive regulatory framework to oversee this development.
Although U.S. regulators now appear to be more open to regulating cryptocurrencies, especially stablecoins, the outlook for market growth is encouraging. However, the Fed chairman also painted a worrying economic outlook, predicting rising inflation and slower economic growth.
Federal Reserve Chairman Jerome Powell recently made some important statements that could mark a turning point for the cryptocurrency industry. As major institutions begin to pay more and more attention to Bitcoin, Powell mentioned the evolution of cryptocurrencies and announced that cryptocurrencies are moving towards mainstream adoption. Coupled with legislative proposals on stablecoins and the stance of US regulators, the future of the digital asset market is brighter than ever.
Newsletter
Powell supports the establishment of a legislative framework for stablecoins and emphasizes the importance of regulation.
Currently, stablecoins such as USDC and Tether are worth $227 billion.
Powell proposed to relax banking rules to encourage innovation and the integration of cryptocurrencies.
The GENIUS Act and the STABLE Act aim to regulate stablecoins in the coming months.
Cryptocurrencies, growing in popularity
Jerome Powell's speech was eye-catching. He made it clear that cryptocurrencies, especially stablecoins, are currently at the stage of mainstream adoption. He said that legislation underway in the US Congress (House of Representatives and Senate) should be able to establish a legal framework for stablecoins. He emphasized that such regulation is necessary and beneficial.
Regulators take a more favorable stance
The Fed, long seen as a conservative approach, now seems to be aiming to become more flexible. Powell confirmed that the Fed has no intention of restricting banks’ relationship with the cryptocurrency industry. He stressed that while maintaining a cautious stance, some guidelines could be relaxed to encourage responsible innovation in the digital asset space.
This opens the door for banking institutions to become more involved in the cryptocurrency ecosystem, potentially facilitating its adoption. However, Powell also acknowledged that integrating digital assets into the traditional financial system presents complex challenges. Therefore, he stressed the need for a broader and more comprehensive regulatory framework to oversee this development.
Although U.S. regulators now appear to be more open to regulating cryptocurrencies, especially stablecoins, the outlook for market growth is encouraging. However, the Fed chairman also painted a worrying economic outlook, predicting rising inflation and slower economic growth.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Continuously release precise trading plans to lead members to expand profits, with a stable profit of 988% every month. If you have not made a profit yet, then join us. t.me/fahsufnwks
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.