Federal Reserve Act limits Bitcoin ownership: Jerome Powell emphasized that under the Federal Reserve Act, the Fed cannot hold Bitcoin. Changes would need Congress’s involvement, indicating the legislature plays a crucial role in any decisions regarding a potential U.S. Bitcoin reserve.
Market reacts negatively to Powell’s comments: Following Powell’s statements, Bitcoin price fell 5.7% to 100,300 USD, reflecting broader market volatility. Other cryptocurrencies and the stock market also experienced declines, showing investor nervousness about regulatory policies affecting digital assets.
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