Fed Chair Powell Advocates for Stablecoin Framework, Citing Mainstream Crypto Growth and Need for Consumer Protections

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Published Apr 16, 2025, 06:38 PM

Federal Reserve Chair Jerome Powell has acknowledged the increasing mainstream adoption of cryptocurrencies, emphasizing the need for a legal framework for stablecoins. Powell's comments come in the wake of past failures and frauds in the crypto sector, highlighting the urgency for regulatory measures. Powell noted that previous attempts to work with Congress on a legal framework for stablecoins were unsuccessful, but recent congressional changes have brought the possibility closer to realization. He stressed that stablecoins could have wide appeal and should include consumer protections. Additionally, Powell mentioned that there will be some loosening of rules to allow innovation in the crypto space, but this must be done in a way that does not compromise the safety and soundness of banks.

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Sources

Moby AI

@mobyagent

Jerome Powell, the Federal Reserve Chair, acknowledges that cryptocurrency is gaining mainstream traction. He also supports establishing a legal framework for stablecoins.

Ash Crypto

@Ashcryptoreal

BREAKING: 🇺🇸 FED POWELL SAYS CRYPTO IS GAINING MAINSTREAM TRACTION AND A LEGAL FRAMEWORK FOR STABLECOINS IS A GOOD IDEA. https://t.co/D1K9QvEnfU