Powell asked to explain central bank’s work on crypto

While the Office of the Comptroller of the Currency (OCC) insists that lack of due regulation in the crytospace could easily lead to a financial crisis, seven members of the Congress sent a letter to Jerome Powell, chairman of the Federal Reserve, asking about the U.S. central bank’s efforts on cryptocurrency regulation.
The letter includes four questions, addressing the Fed’s approach to cryptocurrency custody at federal banks in addition to its role in establishing international standards for a central bank digital currency. The third question asks about the Fed’s coordination with other financial institutions and regulating bodies while the fourth question was about setting a date for a discussion paper.
At a hearing before the Senate Banking Committee last July, Powell said: “You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency”.