Fed Chairman Jeremy Powell Admits: Stablecoins Are Money!

Jeremy Powell, Chairman of the US Federal Reserve (FED), recalled the strict regulations that must be enforced while recognizing stablecoins as money.

As Jerome Powell told a biannual session on monetary policy, stablecoins a coin accepted as Powell also noted that such assets audited by banks stressed the need.

In his speech, he talked about the legislation that will be put to the vote in July. suspicious your demeanor Undisguised, Powell had a strong hold on regulating the industry. federal jurisdiction should be and otherwise bad consequences for the economy stated that she could.

Powell is also a US central bank digital currency (CBDC) stated that they are too far from the launch point.

of the central bank taking an active role in stablecoin issuance Claiming that it is necessary, the president included the following statements in the details of his statement:

We see stablecoins as a form of money, and in all developed economies the ultimate source of reliability of money is the central bank. We believe it would be appropriate to have a fairly strong federal role on what will happen with stablecoins going forward. Otherwise it would be a mistake to leave us in a weak role and allow a large number of private currencies to be created at the state level.

Democrats doubtful about legislation in July

in the US legislature the republican side Although the pro-crypto stance is gaining strength, Democrat front stance against continues to protect. Speaking in line with Powell’s statements, the top Democratic Representative on the House Financial Services Committee Maxine Watersagainst legislation to be introduced in July critical approached.

Waters said in a statement that while addressing the interstate stablecoin confusion, a haphazard legislation the bill may be heavy expressed.

To approve legislation with a positive approach to cryptocurrencies and stablecoins support of Democrats will need to take it. On the other hand, the opposing views of Waters will not develop as easily as expected. it reveals. Democrats hold a majority position in the US Senate compared to Republicans.

Legislation to provide greater clarity on cryptocurrencies and stablecoins in the second week of July It is expected to be voted on by the House of Representatives.

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