Fed Chairman Jerome Powell also included stablecoins in his speech in the US House of Representatives.
In his statement, Powell stated that they see stablecoins as a currency. Pointing out that leaving the Fed with a weak role on stablecoins would be a mistake, Powell also made statements about banks. Stating that they benefit from having banks of different sizes in the system, Powell said: “We don’t want to regulate the small banks so much that it makes their jobs difficult.”
Pointing out that it may be logical to conduct interest rates at a more reasonable pace, Powell continued to make statements about banks in the continuation of his speech.
Fed Chairman Powell’s Statements Attracted Attention
Fed Chairman Jerome Powell said US banks have very strong capital.
It has been seen that the US will try to regulate the crypto sector with the lawsuits filed by the SEC against crypto exchanges. The stablecoin detail in Fed chairman Powell’s statements brought a question mark to mind. It is wondered if the USA, which sees stablecoins as money, will reflect the regulations on this side.
The House of Representatives Financial Services Committee published the third draft of the stablecoin bill at the beginning of June.
The bill, which aims to unite the views of both houses of the House, required the Fed to set requirements for stablecoin issuance. In addition, the draft included allowing state regulators to audit companies that issue the tokens.
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