Federal Reserve Chairman Jerome Powell has expressed his belief in the sustainability of crypto as an asset class in the US during a Congressional hearing. Rep. Warren Davidson raised concerns about the long-term viability of crypto in the US economy, to which Powell stated that crypto has some "staying power" but noted its market capitalization has decreased over the past year. The collapse of FTX crypto exchange in November and the lack of legal clarity surrounding the industry have contributed to the decline in market cap and increased volatility. Davidson hopes that the committee will provide necessary regulatory clarity for market participants through two bills currently under consideration.