🚨 #PowellRemarks 🚨

Powell of the Fed reaffirms his support for stablecoin legislation

- As digital assets gain widespread adoption, establishing a legal framework for stablecoins is a "good idea," said U.S. Federal Reserve Chairman Jerome Powell.

- At a panel on April 16 at the Chicago Economic Club, Powell commented on the evolution of the cryptocurrency industry, which has generated a consumer use case that "could have broad appeal" following a difficult "wave of failures and frauds".

During the tough years for cryptocurrencies, culminating in 2022 and 2023 with several high-profile corporate bankruptcies, the Federal Reserve "worked with Congress to try to secure a [...] legal framework for stablecoins, which would have been a good starting point," Powell stated. "We were not successful".

"I believe the climate is changing and we are moving towards greater integration of that entire sector, so Congress is once again considering [...] a legal framework for stablecoins".

"Depending on what it contains, it’s a good idea. We need it. Right now there is none".