The Federal Reserve is beaming on crypto market volatility, Powell says

Chairman of the Federal Reserve, Jerome Powell, has told a Senate committee that the Federal Reserve’s officials are watching the volatility that has engulfed the crypto market closely.

Powell was responding to a question from Senator Kyrsten Sinema about the impact of recent crypto market volatility on the Fed’s operations, including any macroeconomic implications.

Powell said the Fed is “not really seeing significant macroeconomic implications, so far.”

Powell also stressed that the crypto space needs “a better regulatory framework.”

Bitcoin’s price, and prices for other digital assets, has gyrated in recent days, having fallen below $18,000 during weekend trading.