Powell “Cryptocurrency, Entering Mainstream Asset…Indicates Possibility Of Easing Bank Regulations”

Powell Fed Chair Acknowledged Cryptocurrency's Entry Into The Mainstream (Source: NYT)

Jerome Powell, Chair Of The Federal Reserve (Fed), Recognized The Trend Of Cryptocurrencies Entering The Mainstream And Suggested That Related Bank Regulations Could Be Partially Relaxed. In A Recent Statement, Powell Said, “Cryptocurrency Is Gradually Entering The Mainstream Financial Market” And “Accordingly, Regulations On Related Financial Institutions Could Also Be Partially Relaxed.”

He Further Mentioned The Establishment Of A Legal Basis For Stablecoin. “The Fed Is Working Closely With Congress To Establish A Legal Framework For Stablecoin, And Since This Asset Could Have Broad Demand, Consumer Protection Measures Must Be Established Alongside,” He Emphasized.

This Statement Is Interpreted As A Signal That Can Further Accelerate The Adoption Rate In The Mainstream, In Conjunction With The Trend Of Cryptocurrency Policies Becoming More Flexible Under The Trump Administration. The Easing Of Regulatory Risks Regarding The Overall Cryptocurrency Industry Is Expected To Positively Affect The Expansion Of Institutional Investor Inflow And Industry Stabilization.