Powell raised concerns that the digital currencies could be used to bypass economic sanctions aimed at fiat currency. The Fed chairman testified before the House Financial Services Committee and Senate Banking Committee to discuss monetary policy and the state of the economy.
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Powell to Lawmakers: Crypto Regs Could Help Prevent Sanctions Evasion
Fed Chair Pro Tempore Jerome Powell told lawmakers that Russia’s actions in Ukraine underscore the need for strong cryptocurrency regulations. So reports CoinDesk.
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