Summary of the speech by Federal Reserve Chairman Jerome Powell.
Federal Reserve Chairman Jerome Powell emphasized the importance of establishing a legal framework for stablecoins in the context of the growing acceptance of digital assets. Speaking at a discussion hosted by the Chicago Economic Club on April 16, Powell noted that the crypto industry has gone through a difficult phase with numerous collapses and frauds, but practical applications that can attract users are beginning to emerge.
He stressed that building a legal framework for stablecoins is crucial and should have been done sooner. Although the Fed has collaborated with Congress in this effort, it has not achieved the expected success. Powell remarked that the current context is changing; the digital asset industry is gradually moving closer to mainstream acceptance, and Congress is once again beginning to consider this issue.
According to him, a clear legal framework for stablecoins is a "sound idea" and essential to stabilize the market. He emphasized that there are currently no specific regulations, and developing regulations will help protect consumers, minimize risks, and enhance trust in the digital asset industry. Powell's comments reflect the government's interest in managing the digital asset sector, which is increasingly important as more users engage with this new technology.