Federal Reserve Chair Jerome Powell's Big Statements About Cryptocurrency

1. Federal Reserve Chair Jerome Powell said the U.S. central bank should play a “robust federal role” in overseeing stablecoins.

2. Powell also remarked that cryptocurrencies, like Bitcoin, have "staying power."

3. Stablecoins are tokens pegged to the price of a sovereign currency like the dollar and issued by private companies. 

4.Powell believes that stablecoins should have strong federal oversight 

5Waters raised concerns that the Fed would be “hamstrung” to do anything if stablecoin issuers could register directly with states 

6.Powell signaled the Fed thinks it’s an important part of the regulatory landscape for tokens collateralized by dollars 

7.Powell said that “leaving [the Fed] with a weak role and allowing a lot of private money creation at the state level would be a mistake. 

8.In 2021, Powell said before Congress that stablecoins could be a worthy part of the “payments universe. 

9.Several bills that would address stablecoin regulation have stalled out 

10.If a positive consensus is reached, the current stablecoin bill that’s in the works will be advanced to the Senate