Jerome Powell, chairman of the US Federal Reserve System (Fed), has said during a speech to the House Financial Services Committee that the agency should participate in the regulation of "stablecoins.”
He has said:
"We do see payment stablecoins as money. We believe that it would be appropriate to have a quite robust federal role in what happens in stablecoins going forward."
Powell believes it would be a mistake to leave the Fed with "weak" powers in the segment and allow a lot of private money creation at the state level. He is confident that his office will be involved in approving the issuance of stablecoins in the United States.
At the same hearing, the chairman of the House Financial Services Committee Patrick McHenry has announced plans to vote on bills regulating cryptocurrencies and stablecoins in the second week of July. The Fed chief has been skeptical about this idea and the document as a whole.
The first version of the bill on regulating stablecoins was introduced back in April. In the original version, extensive attention was paid to the activities of issuers and control over them.