• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

The US Has No Intentions to Ban Bitcoin, Said Fed Chair Powell

October 1, 2021
in Crypto News
Reading Time: 3 mins read
A A
0
The US Has No Intentions to Ban Bitcoin, Said Fed Chair Powell
0
SHARES
6
VIEWS
ShareShareShareShareShare

While China continues with its hostile policy against the cryptocurrency industry with outright bans, the United States appears to take a significantly different and more open-minded approach.

In the past 24 hours alone, Fed Chair Jerome Powell reassured the country will not prohibit the usage of digital assets, and US Congressman asked if the government should use cryptocurrencies as the new gold standard.

Fed Has No Plans to Ban Crypto

The decentralized nature of cryptocurrency has been a thorn in the sight of the world’s most populated country for years. Despite this, though, multiple projects emerged from there, and China also became the home of over 60% of BTC’s hash rate.

Yet, the authorities only intensified their hostile approach, which culminated this year. Back in May, the government reiterated old bans and came up with new ones that ultimately ousted miners away. Most recently, China’s central bank prohibited all local organizations from dealing with anything even remotely connected to crypto.

This caused disruptions in the market. At the same time, multiple prominent names urged the US to take the complete opposite stance on crypto.

And it seems this is precisely what the States plans to do, at least according to the Federal Reserve Chairman Jerome Powell. During yesterday’s House Financial Services Committee meeting, he said the government has no intentions to ban cryptocurrencies.

However, he still asserted that some digital assets, stablecoins in particular, have to be regulated.

Jerome Powell Source: BBC

This fresh, more optimistic approach undertaken by the US had an immediate positive effect on the entire market, which turned green today. Bitcoin itself is up by $2,000 in a day and touched $45,000 for the first time in a week.

Crypto The New Gold Standard?

Congressman Madison Cawthorn took the US decision not to ban cryptocurrencies a step further. Shortly after the aforementioned meeting, Rep. Cawthorn asked his hundreds of thousands of followers the following:

Why do we not use cryptocurrency as the new gold standard?

— Rep. Madison Cawthorn (@RepCawthorn) September 30, 2021

Objectively speaking, the chances of such a scenario seem quite fictional, for now at least. The US has failed to provide any conclusive and clear regulatory approach on digital assets for years, let alone accepting them as the new gold standard.

Even the perma-bull Anthony ‘Pomp’ Pompliano admitted in his weekly message to subscribers the slim chances of something like this transpiring in the US – one of the first nations to remove the gold standard decades ago.

Nevertheless, even Powell’s latest positive statement should be considered as a win for the cryptocurrency industry. And, it came just days after Pennsylvania’s Senator Pat Toomey asserted that the US should take advantage of China’s crackdown on crypto.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.


Credit: Source link

ShareTweetSendPinShare
Previous Post

PepsiCo stock price remains bid ahead of Q3 2021 earnings

Next Post

Head and Shoulders Pattern Signals S&P 500 Reversal

Related Posts

New referendum-led governance structure proposed for Polkadot
Crypto News

New referendum-led governance structure proposed for Polkadot

June 30, 2022
4
BlockFi Gets Money Services License in Iowa Weeks After Paying a $1M Penalty
Crypto News

BlockFi Gets Money Services License in Iowa Weeks After Paying a $1M Penalty

June 29, 2022
4
MakerDAO to invest $500 million in U.S. securities and bonds
Crypto News

MakerDAO to invest $500 million in U.S. securities and bonds

June 29, 2022
5
ChangeNOW’s Mike Ermolaev on Non-Custodial Wallets vs. CEXs in Forbes Interview
Crypto News

ChangeNOW’s Mike Ermolaev on Non-Custodial Wallets vs. CEXs in Forbes Interview

June 29, 2022
8
Snoop Dogg on crypto winter and why its good for the industry
Crypto News

Snoop Dogg on crypto winter and why its good for the industry

June 29, 2022
6
Next Post
Head and Shoulders Pattern Signals S&P 500 Reversal

Head and Shoulders Pattern Signals S&P 500 Reversal

Recommended

Bitcoin Miners in Kazakhstan To Pay Taxes Correlated to BTC Price

Yeonmi Park Co-Signs Letter to Congress Explaining Bitcoin’s Importance for Human Rights

June 8, 2022
6
Platypus Finance Pioneers Unbiased NFT Minting On Avalanche

Platypus Finance Pioneers Unbiased NFT Minting On Avalanche

June 18, 2022
5
White House set to make recommendations to reduce crypto energy consumption

Crypto miners putting more pressure on Bitcoin price

June 29, 2022
5
Anti-crypto group sends open letter to Washington lawmakers

Anti-crypto group sends open letter to Washington lawmakers

June 2, 2022
8
Google’s latest Pixel feature drop includes a Teenage Engineering music app

Google’s latest Pixel feature drop includes a Teenage Engineering music app

June 7, 2022
5
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Couche-Tard says high prices boost sales of cheap beer & tobacco
  • New referendum-led governance structure proposed for Polkadot
  • Economic Pressures Contribute to Finance Leaders Improving Last-Mile Readiness

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?