Bullish ???? Fed Chair Jerome Powell: Stablecoins Could Be the Future of Money, Stablecoins Could have "Important Potential Benefits"- Coins like USDT, USDC, BUSD and TUSD might get a Relief. Powell's Speech Spurred Bitcoin and Rallied Up to Almost $30K

Fed Chair Jerome Powell just gave a speech where he talked about more rate hikes and inflation.

Powell also spoke about the broader crypto industry in his speech. He said that the Fed is "closely monitoring" the development of cryptocurrencies, and that it is "important to ensure that these products are safe, sound, and consistent with our monetary policy objectives."

Powell also warned that cryptocurrencies could pose risks to financial stability. He said that "cryptocurrencies could be used to facilitate illegal activity," and that "they could also pose risks to financial stability if they are not properly managed."

However, Powell also said that the Fed is "not opposed to innovation" in the crypto industry. He said that "the Fed is open to exploring the potential benefits of cryptocurrencies," but that it is "important to do so carefully and thoughtfully."

Overall, Powell's speech on crypto was cautious but not dismissive. He acknowledged the potential benefits of cryptocurrencies, but he also warned of the risks. It remains to be seen how the Fed will regulate cryptocurrencies in the future, but Powell's speech suggests that the Fed is taking a serious look at the issue. And he sees stablecoins as "a potential new form of money." He said that stablecoins could have "important potential benefits" if they are properly regulated. However, he also warned that stablecoins could pose risks to financial stability if they are not properly managed.

Powell's speech on crypto is a significant development in the regulation of the crypto industry. It signals that the Fed is taking a serious look at cryptocurrencies, and that it is open to the idea of regulating them. It could be most bullish news of the year and could start up a rally, it would be interesting to see how whales interpret the news.

[Source]( (10) Live: Federal Reserve chair gives semiannual testimony to US House - YouTube )

Save Your Time:

• "We are closely monitoring the development of cryptocurrencies, and we will continue to work with other regulators to ensure that they are safe and sound."
• "Cryptocurrencies could be used to facilitate illegal activity, and they could also pose risks to financial stability if they are not properly managed."
• "The Fed is not opposed to innovation, but it is important to do so carefully and thoughtfully."
• "We are open to exploring the potential benefits of cryptocurrencies, but we need to do so in a way that protects consumers and ensures financial stability."
• "Hesees stablecoins as "a potential new form of money." He said that stablecoins could have "important potential benefits" if they are properly regulated."

Seems super Bullish to me looking at Bitcoin's Chart.