Fed Chairman Powell Says There is "Room for Relaxation" on Cryptocurrency Regulations

Federal Reserve Chairman Jerome Powell said in a speech at the Chicago Economic Club on the 17th that there is "room to relax" bank regulations related to crypto assets (virtual currencies). While acknowledging that the virtual currency market has become mainstream in recent years, he emphasized the need for a clear regulatory framework, especially for stablecoins.

"We have imposed conservative guidance and rules on banks, but there will be some room for relaxation," said Chairman Powell, indicating a direction to promote appropriate innovation while maintaining safety and soundness. He cited past "failures and..." in the virtual currency sector.