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Fed Vice Chair: Will not intervene in the adoption of Crypto Assets, such innovations will not affect the Fed's monetary policy capabilities.
On November 17, Fed Vice Chairman Jefferson stated that financial innovation has always been a characteristic of the U.S. financial system, and the rise of digital assets is part of that. The Fed's regulations neither encourage nor discourage the use of crypto assets; it depends on the private sector. The role of the Fed is to ensure that the banking sector remains safe and sound while the public adopts new technologies. As long as the Fed's policies remain in sync with the needs of businesses and households, there is no reason to believe that crypto assets and other innovations will impact the Fed's monetary policy capabilities. (First Squawk)