Powell: Banks and cryptocurrencies related rules may be "relaxed" in the future

PANews reported on April 17 that according to The Block, Federal Reserve Chairman Jerome Powell said that the rules related to cryptocurrencies may be "relaxed" in the future. On Wednesday, Powell pointed out that there had been “a wave of failures and fraud” in the cryptocurrency space over the years, but the atmosphere itself is becoming more mainstream. During the event, Powell also talked about topics such as tariffs, immigration and inflation.

"We have taken a pretty conservative approach to the guidance and rules imposed on banks, and other bank regulators are even more conservative. I think these rules will be relaxed. We will try to achieve this in a way that can be both safe and robust, while allowing and promoting appropriate innovation, without putting consumers at risk they don't understand, nor reducing the security and robustness of banks," Powell said on Wednesday. "Stablecoins are digital products that may have quite broad appeal and should include typical consumer protections and transparency, which is exactly what the Senate and the House are working to address," he said.