Federal Reserve chair Jerome Powell reiterated the bank’s position on a Bitcoin reserve from an existing legal perspective.
Speaking at a routine conference after announcing monetary decisions, Fed chair Powell stated that the U.S. central bank cannot own Bitcoin and, thus, is unable to hold a BTC reserve.
The bank regulator stressed that current laws do not authorize a Fed BTC reserve. America’s apex bank is also disinterested in any law changes that would permit a formally recognized government-managed BTC stockpile, Powell added.
Powell shared the remarks shortly after the year’s last Federal Open Market Committee, where the Fed announced a 25 basis point cut to interest rates. Bitcoin continued a downward trend following the rate cut news, falling 2.1% in an hour and hovering around $101,400 as of writing.