Appropriate regulation for crypto is needed as its use increases, Fed's Powell says

It's important to ensure appropriate regulation is in place as crypto use increases in the retail financial system, Federal Reserve Chair Jerome Powell said Tuesday during a conference hosted by the Banque of France.Monetary policy normalization has revealed significant structural issues in the DeFi system, he said. Specifically, there has been a lack of transparency, he said.On the positive side, from a financial stability standpoint, the slump in crypto hasn't had a broader impact on financial stability. "We need to be very careful about how crypto activities are taken within the financial perimeter," he Powell said.Developing...check back for updates.Earlier Tuesday, bitcoin (BTC-USD) jumped more than 5% to retake $20K