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Fed Chair Powell Told House Democrats U.S. Needs Stablecoin Bill: Politico
Powell also said a CBDC would need Congress' approval before the Federal Reserve will act.
Federal Reserve Chair Jerome Powell told House Democrats that the U.S. needs a legislative framework for stablecoins, Politico reported.
In his closed-door meeting on Tuesday with Democrats from the House Financial Services Committee, he's reported to have said that he's glad that negotiations are "close" on stablecoin legislation, according to Politico, citing a person who was there.
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He also said Congress' approval would be required for any central bank digital currency before the Fed will move on it.
"If we’re going to have a CBDC, Congress needs to authorize it," he said, according to the report. "We aren’t advocates, but we haven’t made a decision to recommend a CBDC to Congress."
Those comments are in line with what he and other Fed officials have previously said publicly.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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