U.S. Federal Reserve Chair Jerome Powell spoke at the Economic Club of Chicago on Wednesday, highlighting forthcoming changes in financial oversight, particularly concerning cryptocurrencies.

He acknowledged that the cryptocurrency market has matured since its inception, and regulatory attitudes are beginning to reflect that evolution. “We took a pretty conservative and other banking regulators took an even more conservative perspective on the guidance and rules we imposed on banks,” he remarked, adding:

I think there’ll be some loosening of that.

Powell also reflected on how digital assets have developed over recent years. He noted that the industry had endured a period defined by instability and misconduct. “We went through a wave of failures and fraud, and things like that were the headlines for a couple of years,” he detailed. During that volatile stretch, the Federal Reserve participated in efforts with Congress to lay the groundwork for a statutory framework governing stablecoins. Despite that initiative, Powell acknowledged, “We were not successful.”

Characterizing the current regulatory environment for digital assets as more receptive, Powell pointed to an inflection point in how authorities may approach the crypto industry going forward. He suggested that oversight no longer revolves solely around risk mitigation, but increasingly recognizes the integration of digital finance into traditional economic systems. The Fed chair noted:

The climate is changing and you’re moving into sort of more mainstreaming of that whole sector.

As Congress revisits legislation focused on stablecoins, Powell underscored the value of developing guardrails around their use. He acknowledged growing interest on Capitol Hill. “Congress is again looking at, both the Senate and the House are looking at, a legal framework for stablecoins … that’s a good idea, we need that,” he said. Powell explained that any future regulatory system must include disclosures and controls to ensure users understand associated risks while also preserving institutional integrity across the banking sector. The Fed chair concluded that stablecoins could gain wider traction if aligned with consumer protection standards and transparency requirements, but warned that innovation should not compromise financial stability.

​In recent developments, both the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have taken steps to ease regulatory constraints on banks engaging with digital assets.

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