Powell to Include Crypto

According to US Senator Bill Hagerty discussion of cryptocurrencies along with the Fed’s interest rate plans will be heard at the hearing on the Semiannual Monetary Policy Report to the Congress.

An open session will be held today 7 March 2023 with Fed Chairmen Jerome Powell set to participate.

Powell’s comments on cryptocurrency market could come as a key development as comments from back in September 2022 when he said there was no need for better regulation of cryptocurrencies whilst the markets wait to get the Feds view in interest rate hike plans for the rest of the year.

Senator Hagerty said he will discuss crypto with the Fed Chair, if Powell makes his intensions clear about crypto regulations and the associated risks there could be a slight dip if not a full-fledged crypto crash.

Looking back at his statement during panel discussion back in September 2022 the Senator did warn the next crypto blood bath could potentially have consequences on the broader market.

Known for his support of the cryptocurrency ecosystem Senator Hagerty recently spoke against the difficulty of crypto exchanges in finding banking partners highlighting the companies are being de-banked by US banks due to political pressure.

That being said the hearing with the central bank chief Powell could take an interesting turn when the Senator questions about crypto.