#PowellRemarks

The Chairman of the U.S. Federal Reserve, Jerome Powell, stated that cryptocurrencies have become more popular due to changes in the regulatory landscape.

He noted that Congress (in both the Senate and the House of Representatives) is working on establishing a legal framework for stablecoins.

He said: "Based on what it includes, this is a good idea. We need that. There is currently no legal framework."

He added that stablecoins may have "fairly broad appeal."

According to a report by USA Today, Powell previously expressed his opinion that Bitcoin could serve as a digital version of gold.

During his recent speech, Powell stated that there will be higher inflation and slower economic growth as a result of the tariffs that have been widely discussed, which turned out to be much larger than initially expected. He also indicated that economic growth has slowed in the United States compared to the previous year.

Powell has been leading the world's most powerful central bank since 2018.

Earlier this week, the New York Post reported that interviews will be conducted with several candidates to succeed Powell in the fall.