6/22/2023 4:46:24 PM | less than a minute read

Powell: Stablecoins are a ‘form of money’ the Fed needs to regulate

FinTech Collective

Federal Reserve Chair Jerome Powell appeared before the House Financial Services Committee Wednesday to discuss the state of monetary policy — fielding crypto-related questions in the process.

Federal Reserve Chair, Jerome Powell, said that crypto appears to have staying power as an asset class and that payment stablecoins are a form of money.

“We do see payment stablecoins as a form of money, and in all advanced economies, the ultimate source of credibility in money is the central bank”

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