Source: Bloomberg TelevisionDuring crypto’s difficult years, which culminated in 2022 and 2023 with several high-profile business failures, the Fed “worked with Congress to try to get a [...] legal framework for stablecoins, which would have been a nice place to start,” said Powell.“We were not successful.”“I think that the climate is changing and you’re moving into more mainstreaming of that whole sector, so Congress is again looking [...] at a legal framework for stablecoins,” he said. “Depending on what’s in it, that’s a good idea.We need that.
Related: Stablecoins are the best way to ensure US dollar dominance — Web3 CEOSupport for stablecoin legislation is growingThe election of US President Donald Trump has ushered in a new era of pro-crypto appointments and policy shifts that could make America a digital asset superpower. Washington’s formal embrace of cryptocurrency began earlier this year when Trump established the President’s Council of Advisers on Digital Assets, with Bo Hines as the executive director. Hines told a digital asset summit in New York last month that a comprehensive stablecoin bill was a top priority for the current administration.
As digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea,” said US Federal Reserve Chair Jerome Powell.
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