#PowellRemarks

Federal Reserve Chairman Jerome Powell stated that cryptocurrencies have become more popular due to changing regulatory climate.

He pointed out that Congress (with both the Senate and the House) is working on establishing a legal framework for stablecoins.

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

He added that stablecoins may have "quite a wide 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 noted that economic growth has slowed in the United States compared to the previous year.

Powell has been leading the strongest central bank in the world since 2018.

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