Federal Reserve Should Help Oversee Stablecoins, Says Chair Powell

Legislation to create a comprehensive regulatory framework for stablecoins in the U.S. could be facing a challenge, as Federal Reserve Chair Jerome Powell has argued for a strong federal role in the regulation of the sector. Rep.

Maxine Waters, the top Democrat on the House Financial Services Committee, has also expressed concern about the proposal from her Republican counterparts to allow state regulators to approve stablecoin issuance. Fintech companies have long sought a single registration to do business across the U.S., and the bill aims to provide a simpler path for stablecoin providers.