Federal Reserve Chair Jerome Powell today told Congress he has “no intention to ban” cryptocurrencies as China has done. Powell’s response came after questioning from Rep. Ted Budd (R-NC) during a hearing of the House Committee on Financial Services on the response of the Treasury Department and Federal Reserve to the COVID pandemic. “Is it your intention to ban or limit the use of cryptocurrencies, like we’re seeing in China?” Budd asked the central bank’s top regulator, prefacing it by quoting Powell’s July comments that the creation of a digital dollar might make stablecoins irrelevant. “No,” responded Powell, clarifying that...