United States Federal Reserve Chair Jerome Powell revealed on Tuesday that the central bank supports efforts "to create a regulatory framework around stablecoins."
"Stablecoins may have a big future with consumers and businesses. We can't know that now. But, it is important for the development of stablecoins, in a safe and sound manner, that there be a regulatory framework," Powell mentioned during a Senate Banking Committee hearing.
The Fed sees these bills, and remains in contact with Congress, "trying to add our technical thoughts," he remarked. Meanwhile, when asked about Central Bank Digital Currency, Powell promised that it would not exist while he was in charge.
