Source: Cointelegraph Original: "{title}"

As digital assets gradually gain mainstream recognition, Federal Reserve Chairman Jerome Powell stated that establishing a legal framework for stablecoins is a "good idea."

During a seminar held by the Chicago Economic Club on April 16, Powell commented on the development of the cryptocurrency industry. He noted that after experiencing a wave of difficult "failures and fraud," the industry has developed a "consumer use case that may gain widespread recognition."

Powell spoke at the Chicago Economic Club. Source: Bloomberg Television

Powell stated that during the difficult times for cryptocurrencies, particularly after several high-profile business failures in 2022 and 2023, the Federal Reserve "worked with Congress to try to establish […] a legal framework for stablecoins, which should have been a good starting point." He said, "But we were not successful."

"I think the environment is changing, and the entire industry is moving towards becoming more mainstream, so Congress is once again looking into […] the legal framework for stablecoins," he said.

Powell added, "Depending on the specifics, it's a good idea. We need such a framework, and there isn't one right now."

This is not the first time Powell has acknowledged the necessity of stablecoin legislation. In June 2023, the Federal Reserve Chairman stated in front of the House Financial Services Committee that stablecoins are "a form of currency" that requires "strong" federal oversight.

The election of U.S. President Donald Trump ushered in a new era, appointing a group of officials supportive of cryptocurrencies and pushing for policy changes that could make the U.S. a superpower in digital assets.

Earlier this year, Trump established the Presidential Advisory Committee on Digital Assets and appointed Bo Hines as the executive director, marking Washington's formal embrace of cryptocurrencies.

Last month, Hines stated at a digital asset summit in New York that a comprehensive stablecoin bill is one of the current administration's top priorities. After the Senate Banking Committee passed the GENIUS Act, Hines mentioned that the final stablecoin bill could be submitted to the president's desk "within the next two months."

Bo Hines (right) discussing the "upcoming" stablecoin legislation at the digital asset summit on March 18. Source: Cointelegraph

Stablecoins pegged to the U.S. dollar are currently the most popular tokens for remittances and cryptocurrency trading.

According to RWA.xyz, the total market capitalization of all stablecoins is currently $227 billion. USDC and USDT, which are pegged to the dollar, account for over 88% of the total market.

Related: Bo Hines: The U.S. has "countless" ways to increase Bitcoin (BTC) reserves.

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