🇺🇸 Federal Reserve Chairman Jerome Powell says crypto isn't big enough to pose a threat

During a testimony before the House Financial Services Committee, Chairman Powell said that crypto isn't very high on his list of concerns as the estimated $295 billion crypto market isn't big enough to pose a threat, and the US central bank isn't looking to regulate it. The Fed currently doesn't have jurisdiction over crypto and isn't seeking to provide oversight, he said. Federal agencies like the SEC and CFTC as well as other state authorities already oversee many crypto-related businesses.