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Federal Reserve Chairman Argues for Strong Central-Bank Oversight in Stablecoin Regulations

June 21 (Cointime) - During a hearing on monetary policy, Federal Reserve Chairman Jerome Powell emphasized the importance of central-bank oversight in the regulation of stablecoins.

Powell stated that payment stablecoins are a form of money and that the central bank is the ultimate source of credibility in money in advanced economies.

He also mentioned that the Fed's staff has been involved in talks with lawmakers regarding crypto legislation.

The House Financial Services Committee, led by Chairman Patrick McHenry, will be marking up two crypto bills in late July, including the much-debated stablecoin legislation.

The committee's ranking Democrat, Rep. Maxine Waters, expressed the need for a strong federal floor for oversight of nonbank stablecoin issuers.

Federal Reserve Regulation
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