As digital assets obtain the main adoption, establishing a legal framework for Stablecoins is a “good idea,” said the president of the United States Federal Reserve, Jerome Powell.
In a panel of April 16 at the Chicago Economic Club, Powell commented on the evolution of the cryptocurrency industry, which has delivered a case of use of the consumer that “could have a great attraction” after a difficult “wave of failures and fraud,” he said.
Powell offers comments at the Chicago Economic Club. Fountain: Bloomberg television
During the difficult years of Crypto, which culminated in 2022 and 2023 with several high -profile commercial failures, the Fed “worked with Congress to try to obtain a […] Legal framework for Stablecoins, which would have been a good place to start, “said Powell.” We had no success. “
“I think the weather is changing and you are moving more than all that sector, so Congress looks again […] In a legal framework for Stablecoins, ”he said.
“Depending on what it contains, it’s a good idea. We need that. There is no one now,” Powell said.
This is not the first time that Powell recognizes the need for Stablecoin legislation. In June 2023, the Fed Chief said to the Chamber Financial Services Committee that Stablecoins was “a form of money” that requires a “solid” federal supervision.
https://www.youtube.com/watch?v=fehvlnyx5oi
Related: Stablecoins is the best way to guarantee the mastery of the US dollar – CEO of web3
Support for Stablecoin legislation is growing
The election of the president of the United States, Donald Trump, has introduced a new era of pro-Crypto appointments and policy changes that could make the United States a superpower of digital assets.
The formal hug of the Washington cryptocurrency began earlier this year when Trump established the president’s advice on digital assets, with Bo Hines as executive director.
Hines told a Digital Assets Summit in New York last month that a comprehensive draft of Stablecoin was a priority for the current administration. After the Senate Banking Committee approved the Genius Law, a Final Law of Stablecoin could reach the president’s desk “in the next two months,” said Hines.
BO HIES (RIGHT) Talk about the “imminent” legislation of Stablecoin at the Digital Assets Summit on March 18. Source: Cointegraph
The stablecoins linked to the US dollar are, with much, the most popular chips used for remittances and cryptocurrency trade.
The combined value of all stablecoins is currently $ 227 billion, according to Rwa.xyz. The USDC (USDC) and the USDT USDT (USDT) represent more than 88% of the total market.
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