Jerome Powell, Chair of the United States Federal Reserve, clarified on Wednesday that the central bank is legally prohibited from owning Bitcoin under the Federal Reserve Act. Powell emphasized that the Fed has no intention of lobbying for a change in the existing regulation.

During a press conference, Powell stated, "That's the kind of thing for Congress to consider." This statement underscores the Fed's commitment to respecting the current legal framework, rather than seeking to alter it.

Previously, Powell criticized Bitcoin, describing it as "unsuitable" for currency and "too volatile" to rival the US dollar. His latest remarks further solidify the Fed's stance on cryptocurrencies, highlighting the need for legislative action rather than regulatory intervention.