On a panel discussion in the economic club, Chicago Powell noted that the cryptocurrency industry evolved, remaining attractive to the population even after a “series of failures and fraud”.
Powell said that in 2022 and 2023, when the industry was marked by the loud bankruptcies of cryptocreators, including the collapse of the FTX cryptocurrency, the Fed collaborated with Congress. The regulator tried to create the foundation of the legal framework for stablecoins, which would be a good starting point, but then these efforts were in vain.
“Now the regulatory climate is changing, the popularity of cryptocurrencies is growing, they are widely introduced into various sectors, so Congress is again studying the development of laws to regulate stablecoins,” Powell said.
The chairman of the Fed’s for the first time has been announcing the need to create such legislation. In June 2023, he spoke to the Committee on Financial Services of the House of Representatives of the US Congress, saying that stablecoins are a “form of money”, requiring tough federal supervision.
In February, Powell promised that the United States would not produce a digital dollar, since many senators are afraid that the digital currency of the Fed may violate the confidentiality of citizens. Earlier, Powell specified that banks and financial institutions are not prohibited from serving customers working with cryptocurrencies.
Source: Bits
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