Fed’s Powell: digital assets will likely become regulated

FILE PHOTO: The Semiannual Monetary Policy Report to the Congress hearing in Washington
FILE PHOTO: Federal Reserve Chair Jerome Powell testifies during the Senate Banking Committee hearing titled "The Semiannual Monetary Policy Report to the Congress", in Washington, U.S., March 3, 2022. Tom Williams/Pool via REUTERS/File Photo

March 23, 2022

(Reuters) – Digital assets not governed by government regulation will probably be brought within a set of rules at some point, U.S. Federal Reserve Chair Jerome Powell said on Wednesday.

“It’s highly likely that digital financial activities that are currently outside the regulatory perimeter will find their way, will be brought within it, which is necessary to level the playing field, keep the trust of users, protect consumers and all that,” Powell said during a panel discussion on digital currencies organized by the Bank for International Settlements.

(Reporting by Lindsay Dunsmuir and Ann Saphir; Editing by Chizu Nomiyama)