United States Federal Reserve chair Jerome Powell hinted that though the government agency should consider monitoring developments in the crypto space, he didn’t see cryptocurrencies as a financial stability concern for U.S. markets.

Powell responded to a question regarding crypto that Michael Derby, Wall Street Journal’s on Tuesday asked. supported the conclusions of a report from the President’s Working Group on Financial Markets released on Nov. 1. The full report Proposed that stablecoin issuers be established should be subject to “appropriate federal oversight” akin to that of banks, legislation that was “urgently needed” to address risks.