Fed Chairman: We Are Monitoring the Crypto Market
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June 23, 2022

Jerome Powell, chairman of the Federal Reserve (Fed), has said the regulator's representatives are closely monitoring cryptocurrencies amid increased volatility in the market.

According to him, the Fed has not yet seen any significant impact on the macroeconomy of the situation in the Bitcoin market.

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At the same time, Powell believes the cryptocurrency sector needs a "better regulatory framework." He has said:

"Many products in the digital financial sector are in some ways similar to products that exist in the banking system or in the capital markets, but they are not regulated in the same way. We must resolve this."

After the June 14-15 meeting, the Fed raised the key rate by 75 basis points at a time, to the 1.5-1.75% level.

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A few days after that, the price of Bitcoin plunged, but then recovered slightly. It is currently trading around $20,000.

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