Federal Reserve Chairwoman Janet Yellen has reportedly said that the Federal Reserve does not have authority to supervise or regulate Bitcoin in any way.
Making the remarks in front of the Senate, Yellen said that Bitcoin was a payment innovation that was taking place entirely outside the banking industry and asked Congress to work on the issue.
According to TC, Senator Joe Manchin had recently warned that Americans will be left holding the bag on a valueless currency and called for either strict regulation or an outright ban on Bitcoin.
Meanwhile, Yellen’s remark is expected to help set the tone for potential future regulation of Bitcoin. (ANI)