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Thursday afternoon during the Overseeing the Treasury Department and Federal Reserve pandemic response Federal Reserve Chairman Jerome Powell has confirmed that the United States has no plans to ban Bitcoin and cryptocurrencies.
During the hearing, House Representative Ted Budd (RN.C) asked President Powell about the state of inflation in the United States. Powell has hijacked questions of inflation, saying inflation in this country is due to repeated supply chain crises caused by the government’s response to the pandemic.
Indeed, the President said the Fed’s hands are tied when it comes to inflation and relief will come. Powell suggested that inflation should come down in “the first half of next year.”
Ted Budd then cited Powell’s previous comments on central bank digital currencies and their impact on stablecoins, Bitcoin, and other cryptocurrencies. Budd quoted Jerome Powell in a July hearing: “You wouldn’t need stablecoins, you wouldn’t need cryptocurrency if you had a US digital currency.”
Budd continued, “So, Mr. Chairman, do you intend to ban or limit the use of cryptocurrencies as we see in China? ”
Jerome Powell replied “No” and explained how he misspoke at the time.
Budd reiterated his question, “But you don’t mean to ban them?” “
“No intention to ban them,” replied Powell, going on to explain that stablecoins should be incorporated into the regulatory framework.
For many Bitcoiners, such congressional exchanges are frustrating to listen to, as the Fed’s understanding of the differences between Bitcoin and cryptocurrencies leaves a lot to be desired.
However, the relentless consolidation of Bitcoin with other cryptocurrencies by the Fed and members of Congress means that we can safely assume that President Powell was also talking to Bitcoin.
From a regulatory perspective, there is still a lot of work to be done by Bitcoiners and politicians to accurately represent and define where their interests align, and then make an informed decision on whether and to what extent to regulate Bitcoin.
Either way, US Bitcoin regulation is still an adoption of technology, which from a geopolitical standpoint could not be more different from China’s approach. The loss of China is the gain of America.
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