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Fed Chair Endorses Crypto Bills, Tells Congress Banks Can Handle Stablecoins

Crypto News

Federal Reserve chairman Jerome Powell is throwing the weight of the central bank behind crypto regulations currently pending in Congress.

“It’s a great thing that bills are moving,” Powell said in testimony before the House Financial Services Committee Tuesday. “We need a stablecoin framework.”

He reiterated his support for crypto rules on Wednesday before the Senate Banking Committee.

“The industry is maturing, our understanding of it is improving,” Powell said in response to a question by Sen. Cynthia Lummis (R-WY). “In a sense, it’s becoming much more mainstream.”

Lummis was among a group of four senators, all Republicans, that released a set of principles Tuesday intended to a framework to develop crypto…

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