Powell said he will not promote central bank digital currency during his term

According to CoinDesk, the U.S. House Digital Assets Subcommittee held a hearing on February 11th to explore the future development of the cryptocurrency industry in the United States and push for legislation to provide regulatory clarity. The hearing, themed "The Golden Age of Digital Assets," demonstrates the support of the Republican led committee for the cryptocurrency industry. Committee Chairman and Wisconsin Republican Congressman Bryan Steil stated that the Trump administration plans to establish a reasonable regulatory framework for responsible digital asset businesses. Industry representatives emphasized that Congress should quickly enact fundamental laws to provide a clear market structure for the cryptocurrency industry. Former CFTC Chairman Timothy Massad suggested that lawmakers give the SEC and CFTC greater decision-making power over regulatory details. At the same time, Democratic lawmakers took the opportunity to criticize Trump's personal support for the TRUMP meme, accusing it of potential conflicts of interest and constitutional violations. Federal Reserve Chairman Powell also stated on the same day that he will not promote central bank digital currencies (CBDCs) during his term.