Federal Reserve Chairman Jerome Powell reiterated the need to establish a regulatory framework for stablecoins and stated that the Federal Reserve has no intention of limiting the interaction between the banking industry and the crypto industry.
On April 16, during a speech at the Chicago Economic Club, Powell mentioned that both chambers of the U.S. Congress are re-engaging in efforts to legislate a framework for stablecoins. He believes that given the increasing importance of these digital tools, establishing a regulatory framework is essential.
Powell noted that previous efforts by the Federal Reserve to collaborate with Congress on a legal framework for stablecoins had not been successful. However, he observed that "the situation is changing," and lawmakers are now showing renewed interest in formally establishing regulatory guidelines.
He emphasized that such a framework should include consumer protection measures and ensure transparency, adding, "Stablecoins are a digital product that can actually have quite broad appeal."
Easing Regulatory Requirements
Powell also discussed the Federal Reserve's stance on crypto-related banking activities. He acknowledged that U.S. banking regulators, including the Federal Reserve, have taken a conservative approach in issuing guidance on how banks should manage their exposure to digital assets.
However, he stated that some of this guidance may be relaxed to accommodate responsible innovation, as long as consumer protection and financial safety can be assured.
He said, "We will try to make adjustments in a way that maintains the safety and soundness of the financial system."
These remarks further clarify Powell's earlier statements that the Federal Reserve has no intention of preventing banks from serving legitimate crypto clients.
Earlier this year, Powell explicitly stated during his testimony to Congress that crypto activities are already taking place within banks regulated by the Federal Reserve under the established regulatory framework.
He cited crypto custody as an example, explaining that if banks and regulators understand the scope of these activities, they can safely provide such services.
Powell also acknowledged that integrating digital assets into traditional finance is a complex regulatory task and called for a more comprehensive regulatory structure.
Crypto Assets and Banking
At a press conference following the February Federal Open Market Committee (FOMC) meeting, Powell stated that while the threshold for banks to engage in crypto business remains high, the Federal Reserve does not intend to cut off banking services for legally operating digital asset companies.
Discussions around stablecoin legislation are ongoing, and meanwhile, the use of stablecoins in payments and digital settlements continues to grow. Last year, the transfer amount of stablecoins approached $14 trillion, surpassing Visa.
Powell's statements indicate that the Federal Reserve supports Congress's efforts to establish formal rules for stablecoins, provided that such legislation can strike a balance between innovation and risk control.
Currently, there is no dedicated federal regulatory framework for stablecoins, but several legislative proposals have been introduced in recent Congress sessions. Notably, the "GENIUS Act" and the "STABLE Act" have been proposed by the House and Senate, respectively.
The Federal Reserve's latest position suggests that as stablecoins increasingly integrate into the global financial market, U.S. financial authorities are becoming more willing to engage in the formulation of digital asset policies.
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