Powell: Congress needs to clarify who has regulatory power over cryptocurrencies and stablecoins

In his testimony before the Senate Banking Committee on Wednesday, Federal Reserve Chairman Jerome Powell said Congress needs to clarify who has power over cryptocurrencies and stablecoins, while the Fed is responsible for overseeing and overseeing banks, and how Fed-regulated banks handle their balance sheets, Golden Finance reported. On crypto assets, the Fed should have a say. Powell also said that stablecoins are an emerging market that has yet to see the proper regulatory program it needs, and that stablecoins sound a lot like money market funds.