{"id":127323,"date":"2025-04-16T20:23:01","date_gmt":"2025-04-16T20:23:01","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127323"},"modified":"2025-04-16T20:23:01","modified_gmt":"2025-04-16T20:23:01","slug":"feds-powell-reasserts-support-for-stablecoin-legislation","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127323","title":{"rendered":"Fed&#039;s Powell reasserts support for stablecoin legislation"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsAs digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a \u201cgood idea,\u201d said US Federal Reserve Chair Jerome Powell.<br \/>\nIn an April 16 panel at the Economic Club of Chicago, Powell commented on the evolution of the cryptocurrency industry, which has delivered a consumer use case that \u201ccould have wide appeal\u201d following a difficult \u201cwave of failures and frauds,\u201d he said.<br \/>\nPowell delivers remarks at the Economic Club of Chicago. Source: Bloomberg Television<br \/>\nDuring crypto\u2019s difficult years, which culminated in 2022 and 2023 with several high-profile business failures, the Fed \u201cworked with Congress to try to get a [&#8230;] legal framework for stablecoins, which would have been a nice place to start,\u201d said Powell. \u201cWe were not successful.\u201d<br \/>\n\u201cI think that the climate is changing and you\u2019re moving into more mainstreaming of that whole sector, so Congress is again looking [&#8230;] at a legal framework for stablecoins,\u201d he said.\u00a0<br \/>\n\u201cDepending on what\u2019s in it, that\u2019s a good idea. We need that. There isn\u2019t one now,\u201d said Powell.<br \/>\nThis isn\u2019t the first time Powell acknowledged the need for stablecoin legislation. In June 2023, the Fed boss told the House Financial Services Committee that stablecoins were \u201ca form of money\u201d that requires \u201crobust\u201d federal oversight.<br \/>\nRelated: Stablecoins are the best way to ensure US dollar dominance \u2014 Web3 CEO<br \/>\nSupport for stablecoin legislation is growing<br \/>\nThe 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.\u00a0<br \/>\nWashington\u2019s formal embrace of cryptocurrency began earlier this year when Trump established the President\u2019s Council of Advisers on Digital Assets, with Bo Hines as the executive director.\u00a0<br \/>\nHines told a digital asset summit in New York last month that a comprehensive stablecoin bill was a top priority for the current administration. After the Senate Banking Committee passed the GENIUS Act, a final stablecoin bill could arrive at the president\u2019s desk \u201cin the next two months,\u201d said Hines.<br \/>\nBo Hines (right) speaks of \u201cimminent\u201d stablecoin legislation at the Digital Asset Summit on March 18. Source: Cointelegraph<br \/>\nStablecoins pegged to the US dollar are by far the most popular tokens used for remittances and cryptocurrency trading.<br \/>\nThe combined value of all stablecoins is currently $227 billion, according to RWA.xyz. The dollar-pegged USDC (USDC) and USDt (USDT) account for more than 88% of the total market.\u00a0<br \/>\nMagazine: Unstablecoins: Depegging, bank runs and other risks loom<a href=\"https:\/\/cointelegraph.com\/news\/fed-powell-reasserts-support-stablecoin-legislation?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsAs digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a \u201cgood idea,\u201d said US Federal Reserve Chair Jerome Powell. In an April 16 panel&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127323"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127323"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127323\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127323"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}