Federal Reserve Board Chair Jerome Powell said on Thursday: ‘We Need Laws’ About Stablecoins
“We need a law on this,” Powell said. “We don’t have a regulatory framework after stablecoins, so I think that is necessary.”
Powell made the comments during a livestream at the Cato Institute conference on Thursday, with Cato Chairman and CEO Peter Goettler speaking to the Fed chair.
“We think something that claims to be money. must be properly regulated,” Powell said. “I think it needs rules. If people think it’s money It must have the property of money. I don’t think you want to make it a consumer product.”
Stablecoins should be clear, transparent to consumers, and “high-quality, highly liquid asset reserves,” Powell said.
Powell also addressed the possibility of digital dollars during his 40-minute interview: The Fed is evaluating whether to issue a central bank digital currency. and is weighing issues such as privacy.
“We do not intend to issue a CBDC without clear support from both the administration and Congress,” Powell said.
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