Congressional body questions Fed’s powers to regulate crypto
Banks can currently provide exposure to sector, but not custody, as exchange seeks partnership
The US congressional research service (CRS) has questioned whether the Federal Reserve should be allowed to regulate cryptocurrencies or whether Congress should decide which crypto firms can have master accounts with the Fed and access to its discount window.
The CRS does not propose policy but outlines topics that Congress may wish to consider. Its paper, published on February 3, covers a range of issues, including the Fed’s independence and its remittances to the Department of the Treasury.
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