Federal Reserve Chairman Powell testified at a Senate Banking Committee hearing that the Fed and other U.S. banking regulators have repeatedly issued statements and policy interpretations to issue stern warnings to banks about cryptocurrencies. In recent warnings, regulators have made it clear that banks that focus their business on the crypto space may not meet safety and soundness standards, which are the benchmarks for being able to continue operating in the United States. In addition, Powell said that Congress needs to step in to provide a "workable legal framework" for digital assets in the United States and list stablecoins as an area that needs regulation. (CoinDesk)
