Federal Reserve Chair Powell asserts stablecoin's monetary status, demanding robust oversight to address its regulatory implications
During a recent House of Representatives Financial Services Committee hearing, Jerome Powell, Chair of the United States Federal Reserve Board, shared the board's perspective on stablecoins, considering them a form of money.
This statement was made in response to inquiries about a proposed stablecoin bill, which is the first crypto legislation in the country and was introduced by the Republicans.