The Biden White House is serious about regulating crypto in the United States, and the first-ever framework for crypto regulation has finally been released. In this framework, the White House lays out its plans and thoughts on how crypto should be regulated, while also mentioning the possibilities of a digital dollar.
Jerome Powell (Federal Reserve Chair) recently said the U.S. has a strong incentive to launch its own digital currency, which he thinks would eliminate the need for crypto coins. However, the crypto community isn’t likely to agree with such a statement and many may find these words to be disrespectful to the developers and innovation that’s come from decentralized currencies like Bitcoin and Ethereum.
According to Jerome Powell, you “wouldn’t need stablecoins; you wouldn’t need cryptocurrencies if you had a digital U.S. currency”.
Think about that. Jerome Powell thinks you wouldn’t need Bitcoin, Ethereum, Solana, or any other crypto except for the U.S. digital currency he wants to make. With that said, it would appear as if he is okay with everyone’s crypto investments going to zero.