Fed Chair Powell advocates for stablecoin regulation, signals openness to crypto innovation
Federal Reserve Chair Jerome Powell reiterated the need for a regulatory framework for stablecoins and signaled that the Fed has no intention of limiting the banking sectors interaction with the crypto industry.
Speaking at The Economic Club of Chicago on April 16, Powell said both chambers of Congress are revisiting efforts to legislate a stablecoin framework, which he described as necessary given the growing relevance of these digital instruments.
Powell noted that earlier efforts to collaborate with Congress on a legal structure for stablecoins were unsuccessful. Still, he observed that “the climate is changing,” with lawmakers now showing renewed interest in formalizing regulation.
He emphasized that such a framework should…
