Fed Chair calls for congressional action on crypto amid Ukraine-Russia conflict

Federal Reserve Chairman Jerome Powell said there is a growing need for crypto regulations during testimony before the House Financial Services Committee. He said recent events in Ukraine have “underscored the need for Congressional action on digital finance, including cryptocurrencies.”

Crypto prices today: Bitcoin down 1%, ETH falls 1.7%

Bitcoin is currently trading at $43,451.8, a 1% decline over the previous day. Ethereum fell 1.7% over the last 24 hours to $2,915.5. Solana fell 2.7% to $99.7, while Cardano is down 3.5% to $0.92. Polygon (MATIC) declined by 1.16% to $1.61. The global crypto market cap stands at $1.90 trillion, an 1.87% decline over the previous day.

Ukraine now accepts Dogecoin donations amid Russian invasion

Ukraine is now accepting Dogecoin donations, said Vice Prime Minister Mykhailo Fedorov. This is the latest crypto-related move on behalf of the Ukrainian government to raise funds amid Russia’s invasion. Last week, the government’s official Twitter account shared Bitcoin and Ethereum addresses when it announced Ukraine would accept crypto donations.

SEC targets NFT creators, marketplaces over ICO-like sales: Report

According to a Bloomberg report, the US Securities and Exchange Commission (SEC) is probing NFT creators and marketplaces for regulatory violations. The probe is looking into whether NFTs are being utilized to raise money like traditional securities. The SEC has reportedly sent subpoenas related to the investigation. It is particularly interested in information about fractional NFTs.

US Treasury to monitor crypto, for sanctions evasion

In response to a letter from 4 Senate Democrats raising concerns about crypto’s potential use by Russia to avoid sanctions, Treasury Secretary Janet Yellen has said that the US will monitor the situation. The department would make sure crypto couldn’t be used to bypass sanctions against Russia.