Federal Reserve Chair Pro Tempore Jerome Powell and some members of the United States House of Representatives called for congressional action on crypto in response to discussions about Russia potentially evading sanctions.
In a Wednesday hearing of the House Financial Services Committee on “Monetary Policy and the State of the Economy,” California Representative Juan Vargas asked Powell if cryptocurrency could be a "way out" for Russia looking for financial transactions in the wake of the United States and European Union cutting the country off from the SWIFT payments network. The Fed chair said that the situation with Russia "underscores the need for really congressional action on digital finance, including cryptocurrencies," adding: