US Senator Bill Hagerty said he will discuss cryptocurrencies along with the Fed’s interest rate plans at the hearing on The Semiannual Monetary Policy Report to the Congress. Federal Reserve Chairman Jerome H. Powell is all set to participate in the open session to be held on Tuesday, 7 March, 2023. While the market would be waiting to get the Fed’s view on interest rate hike plan for the rest of the year, Powell’s comments on the crypto market could also come as a key development. The Fed Chair’s comments come at the back of his views from September 2022, when he said there was a need for better regulation of cryptocurrencies.

The hearing will also be important given the US Securities and Exchange Commission’s (SEC) series of regulatory enforcement actions on the crypto industry in recent times. While the crypto companies are increasingly facing it difficult to operate US Dollar linked transactions owing to the lack of willingness from US banking partners, other issues like lack of regulatory clarity continues.