🏦💬 In a recent statement, Federal Reserve Chair Jerome Powell addressed the central bank’s position on Bitcoin ownership:
“We’re not allowed to own Bitcoin. The Federal Reserve Act says what we can own, and we’re not looking for a law change.”
This clarification comes amid discussions about the potential establishment of a U.S. Bitcoin Strategic Reserve.
Key Points:
• Legal Constraints: The Federal Reserve is legally prohibited from holding Bitcoin under the current Federal Reserve Act.
• No Legislative Pursuit: Chair Powell emphasized that the Fed is not seeking changes to these laws to accommodate Bitcoin holdings.
• Market Impact: Following Powell’s remarks, Bitcoin’s value experienced a notable decline, reflecting the market’s sensitivity to regulatory perspectives.
Discussion:
Chair Powell’s statements underscore the Federal Reserve’s cautious approach toward integrating cryptocurrencies like Bitcoin into its asset portfolio.
Questions for the Community:
• What are your thoughts on the Federal Reserve’s stance regarding Bitcoin?
• How might this position influence the broader adoption of cryptocurrencies in the financial sector?
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