The meeting lasted for two hours. It gave a medium to representatives to question Powell and Treasury Secretary Janet Yellen regarding Fed’s and Treasury Department’s pandemic response. It also featured various crypto-related questions.

In July, Powel made some statements that U.S. central bank digital currency (CBDC) has the potential to undercut the need for private crypto. To clarify these statements, a prominent proponent of crypto and member of the Congressional Blockchain Caucus, Rep. Ted Budd (R-N.C.), asked Powell to clarify these statements.

Budd asked if he wishes to limit or ban the use of cryptocurrencies. To which Powell replied, “I have no intention to ban them.”

Representatives were expecting that the development of U.S CBDC will have a similar ban on crypto as seen in China. However, Powell clarified that he is not considering a China-style ban on bitcoin or other cryptos.

When asked about stablecoins, Powell presented the following remarks: “Stablecoins are like money market funds [and] like bank deposits but they’re, to some extent, outside the regulatory perimeter and it’s appropriate they be regulated” “Same activity, same regulation.”

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According to MarketWatch.com, the 10-year Treasury note yield has increased to 1.541%, climbing 7.1 basis points. Decrypt says demand for credit is rising as people are looking forward to the easing of COVID-19 restrictions. The increase in Treasury yields led to a fall of stocks and bonds, especially tech companies’ stocks, and could signal inflation.  

Bitcoin is trading at around $47,200 at the time of writing. Although the price dropped in the past 24 hours, the cryptocurrency is still trading higher than its seven-day low of $43,241. Apart from Bitcoin, Ethereum also fell by over 4%. Moreover, Litecoin’s price decreased by over 6%. At the same time, Binance Coin’s price fell by over 7% in the past 24 hours, as per CoinMarketCap.com data.   

Amidst cryptocurrency price fluctuations, public figures continue expressing their opinions on Bitcoin. Mark Cuban in a recent Twitter exchange with Peter Schiff defended cryptocurrency when comparing it to gold. He said that crypto has more applications than this precious metal. In another story, Bill Gates commented on how the use of big amounts of electricity when mining Bitcoin is harmful to the environment.  

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