(CoinDesk) The US Federal Reserve Chair Jerome Powell said on Thursday that there was no intention to ban or limit cryptocurrencies.
The Federal chair said that stablecoins were similar to money market funds or bank deposits and needed regulations.
Powell downplayed concerns over a statement he made in July that the US Central Bank Digital Currency could limit the need for crypto during the House Financial Service committee meeting.
The Fed chair had asked Congress for legislative support in creating the digital dollar in a move feared to undercut the crypto market.
The US Treasury Secretary Janet Yellen, who also participated in the meeting, said that the IRS was going to issue a report on concerns surrounding regulations in digital assets.
BTCUSD is up +8.82%, ETHUSD is up +8.7%.
